Brian Cornell Explained

Brian Cornell
Birth Place:New York City, U.S.
Chairman and CEO, Target
Term:2014–
Predecessor:Gregg Steinhafel
Spouse:Martha Cornell
Children:2
Education:University of California, Los Angeles (BA)
UCLA Anderson School of Management

Brian C. Cornell (born 1958) is an American businessman, and the chairman and chief executive officer (CEO) of Target Corporation. He is also non-executive chairman of Yum! Brands.

Early life

Brian Cornell was born in 1958 in Queens, New York City. He grew up in a fatherless household from the age of six, and his mother was living on welfare due to heart disease.[1] As a result, Cornell was mostly brought up by his maternal grandparents.[1]

Cornell graduated from the University of California, Los Angeles (UCLA) in 1981.[2] [3] Cornell attended the UCLA Anderson School of Management, attending in 1991.[2] [3]

Career

Cornell was the chief marketing officer and an executive vice president of Safeway Inc., from 2004 to 2007.[3] [4] He was the CEO of Michaels from 2007 to 2009, CEO of Sam's Club from 2009 to 2012, and CEO of PepsiCo Americas Foods, a subsidiary of PepsiCo, from 2012 to 2014.

Cornell was on the board of directors of OfficeMax, from 2004 to 2007, and of The Home Depot, from 2008 to 2009. Cornell has been on the board of Centerplate and Polaris Industries.[5] Cornell has been on the board of directors of Yum! Brands since September 2015.[6] He is the chairman of the Retail Industry Leaders Association, and a board member since 2015.[7] [8]

In August 2014, Cornell replaced Gregg Steinhafel as the chairman and CEO of Target.[4] During his tenure, Cornell shut down the loss-incurring Target Canada.[1] Cornell occasionally visits Target stores and asks guests about their shopping experiences.[1] As CEO, Cornell has been featured by news outlets such as CNN, which described him as Target's "ace CEO" and crediting him with the business' strong growth in the 2010s.[9] In 2019, Cornell was named CNN's "Business CEO of the Year".[10]

Cornell was honored with "The Visionary" award by the National Retail Federation for 2022, given each year to "an outstanding retail industry leader".[11]

In 2023, Cornell's total compensation at Target was $18.1 million.[12] He earned a higher annual bonus due to the company's improved profits, although his overall compensation dropped.[13]

Memberships and affiliations

Cornell is on the board of visitors of the UCLA Anderson School of Management.[2] [14] He is on the board of directors for Catalyst[15] and the museum council for the Smithsonian's National Museum of African American History and Culture.[16] Cornell is also a member of The Business Council.[17]

Personal life

He is married to Martha Cornell. They have a daughter and a son.[18] In 2021, Cornell and his wife made a $10 million donation to Sarasota Memorial Hospital in Sarasota, Florida.[19]

Notes and References

  1. Web site: Phil . Wahba . Target Has a New CEO: Will He Re-Energize the Retailer? . Fortune . August 20, 2015.
  2. Web site: Who's Who: Board of Visitors . UCLA Anderson School of Management . August 20, 2015.
  3. Web site: Wal-Mart Stores Inc (WMT:New York): Brian C. Cornell. Bloomberg Business . August 20, 2015.
  4. Web site: Walter . Loeb . Target's New CEO Brian Cornell Lacks Innovative Pizzazz . Forbes . August 20, 2015.
  5. Web site: Investor Relations: BOARD OF DIRECTORS. Polaris. August 20, 2015.
  6. Web site: Target CEO Brian Cornell joins Yum! Brands board. September 18, 2015. www.bizjournals.com. July 19, 2018.
  7. News: Brian Cornell. Target Corporate. December 11, 2017. en-US.
  8. News: Target CEO named chairman of RILA. Retail Dive. July 19, 2018. en-US.
  9. Web site: Meyersohn . Nathaniel . 2022-09-07 . Target's ace CEO isn't leaving anytime soon CNN Business . 2023-08-16 . CNN . en.
  10. Web site: Target's Brian Cornell is the top CEO of 2019. La Monica. Paul. December 18, 2019. CNN. live. https://web.archive.org/web/20191218153809/https://www.cnn.com/2019/12/18/investing/target-brian-cornell-ceo-of-the-year/index.html . December 18, 2019 . March 11, 2020.
  11. Web site: Target CEO Brian Cornell Named The Visionary 2022. RIS News.
  12. Web site: Tribune . Patrick Kennedy Star . Target CEO Brian Cornell was paid $18.1 million in 2023 . 2024-06-27 . Star Tribune.
  13. Web site: Tribune . Patrick Kennedy Star . Target CEO Brian Cornell was paid $18.1 million in 2023 . 2024-06-27 . Star Tribune.
  14. Web site: About the Department . March 19, 2019 . UCLA Econ . en-US.
  15. Web site: Board of Directors. Catalyst. en-US. March 19, 2019.
  16. Web site: Leadership. January 4, 2016. National Museum of African American History and Culture. en. March 19, 2019.
  17. Web site: Brian Cornell CEOI . 2024-06-27 . fortune.com . en.
  18. Web site: Target's new boss a 'sensible choice'. August 1, 2014. Star Tribune. December 6, 2019.
  19. Web site: Jones, Jr. . James A. . Target CEO, wife make $10 million gift to Sarasota Memorial for behavioral health . Bradenton Herald.