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In a deal that prompted a rollback of Target Corporation's mandatory retirement policy, the company announced Wednesday that CEO Brian Cornell has agreed to stay on the job for three more years. 

“In discussions about the company’s longer term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65," said Monica Lozano, lead independent director of Target’s Board of Directors. 

As part of the move, Target is rolling back its current policy that it says is "designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65."

Cornell, who'll turn 64 this year, pointed to the nearly $40 billion in annual revenue Target has added since he joined the company in 2014. 

"Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward," Cornell stated. "I appreciate the board’s confidence, the opportunity to keep serving our guests, and the chance to continue leading Target in the years ahead.”

On Wednesday, Target also announced the retirement of Arthur Valdez, the company's executive Vice President and chief supply chain and logistics officer. 

Earlier this summer, Target announced a major price-cutting move to help move inventory off its shelves after the company was reportedly taken by surprise by the rapid consumer shift away from pandemic spending

The company's profits plunged by 90% in the second quarter this year, which Target leaders said was driven primarily by its efforts to shed unwanted inventory.

In a statement, Cornell thanked Valdez for his contributions and said his leadership drove significant innovation across the supply chain. 

Gretchen McCarthy, senior vice president of global inventory management, will succeed Valdez. 

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