Shares of Target (NYSE: TGT) rose 4.4% on Wednesday after the discount retail chain announced that CEO Brian Cornell would remain at its helm for the next three years.
Cornell, 63, was approaching Target's retirement age of 65, but he doesn't want to retire just yet. The company was happy to appease him, so its board of directors eliminated its retirement policy.
Target's lead independent director, Monica Lozano, said in a press release: "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. We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company's strong financial performance during his tenure."
Source Fool.com