Target chief executive and chairman Bob Ulrich is to retire after more than 40 years at the US general merchandise giant.
Ulrich, 65 will retire as chief executive on May 1, but he will remain as chairman to the end of its 2008 financial year.
Gregg Steinhafel, president, was named by the board to succeed Ulrich as chief executive officer.
Ulrich began his career as a merchandising trainee in 1967 at Dayton's, a former division of Target, and became chairman and chief executive of the corporation in 1994.
Steinhafel, who became Target president in 1999, said: "During Bob's tenure, Target has achieved outstanding financial results and become one of the most recognized and valuable brands in the world."
The company operates 1,591 Target stores in 47 US states.
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