PAYING UP: Target Corp.’s tagline — “Expect more. Pay less.” — seems to apply more to the consumer experience than executive compensation in 2025.
Brian Cornell, in his last year as chair and chief executive officer, received a compensation package valued at $21.8 million, a 7 percent increase from the year before, according to the company’s proxy statement.
That included a salary of $1.4 million, incentive pay of $786,920 and a bonus of $462,000. As is usually the case for big retail CEOs, the bulk of his pay came in the form of stock awards, which were valued at $18.6 million as of their grant date. Whether or not Cornell, who is now executive chairman, realizes that full value will depend on the company’s performance in the stock market.
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Michael Fiddelke, who took on the role of CEO in February, was chief operating officer in 2025 and received a pay package valued at $9.6 million for the year.
While Fiddelke’s ascent split the jobs of chair and CEO, at least some shareholders are pushing for a more independent board structure.
The Accountability Board submitted a shareholder proposal requiring that the board chair be an independent director.
“With sustained challenges in both performance and reputation, it’s a tough time for Target — to put it mildly,” the group said in the regulatory filing, which teed up the company’s annual meeting.
“Sales growth has been inconsistent, there have been declines in foot traffic, and controversies abound,” the group said. “The need for stronger independent board leadership has been painfully clear. Nevertheless, Target announced last summer that although Brian Cornell would resign as CEO, he’d remain a company executive and continue chairing the board in that capacity. This eroded confidence in Target even more.”
In turn, the board recommended shareholders vote against the proposal as they are “best served by a flexible policy that allows the board to determine an appropriate leadership structure, based on the circumstances.” The board also noted that similar proposals in the past garnered the support of investors holding under one-third of the retailer’s stock.
Shareholders will get to have their say on the matter at the company’s annual meeting in June.
