Who's raking in the big bucks as Target sells (and sells and sells)? Despite the fact that a parent company of the same name owns Target outright, the retail company's CEO isn't getting the short end of the stick.
Here are the financial nuts and bolts about Target's revenue, eponymous parent company, and multi-million-dollar CEO.
Target Corp. owns 50+ in-store brands
The parent company of Target (NYSE:TGT) renamed itself from Dayton-Hudson Corporation to Target Corp. in 2000.
Target maintains a private label strategy that has continued to strengthen its bottom line over the years. Currently, the company owns 53 exclusive cheap-chic brands that are exclusive to its retail stores and e-commerce website.
Target CEO Brian Cornell is winning big
Brian Cornell landed in the role as Target's CEO in August 2014 and succeeded Gregg Steinhafel. Steinhafel ran into some controversy a few years prior to his departure. Musician Lady Gaga pulled out of an exclusive partnership after discovering that the then-CEO donated to anti-gay political action groups.
Over the next seven years, Cornell has managed to mold himself into a popular CEO despite freckled controversy throughout his tenure.
How much does Target CEO Brian Cornell make in salary?
In 2015, Cornell had been in his post for less than a year when Forbes came out with a list of the biggest CEO wage gaps. Target came in at number five on the list when Cornell made a $28.2 million salary, while the median total worker compensation sat at $30,000.
Currently, that salary has been reconfigured to reduce the gap, but Cornell's equity is still strong. Cornell makes about $5.315 million in annual compensation, excluding his position in Target's publicly traded security.
Cornell's net worth is soaring.
Recently, Cornell announced that Target will be adding inventory in swarms ahead of the holiday season to minimize the chance of inventory running out. In the second quarter, the company's inventories increased $2.5 billion YoY. The trend is expected to continue as Target adds 100 Disney Store locations by the end of the year.
Right now, Cornell's net worth is estimated at $67.9 million, and about half of that is tied up in TGT stock. Cornell has already capitalized on some of his Target holdings over the years by selling shares for liquidity. Reports suggest that Cornell has sold about $15 million in Target shares during his tenure so far. The number is expected to increase as Cornell nears retirement. Granted, he's already 63 years old and shows no signs of slowing down as of yet.
Target revenue on the up and up
On Aug. 18, Cornell chimed in about Target's revenue. He stated that back-to-school spending was sending revenue numbers upward. Meanwhile, the company's board of directors finalized a stock buyback plan to the tune of $15 billion.
Currently, TGT stock holds a $122.96 billion market cap. The shares dipped on the buyback news but have since gained a bit of steam, which is a good sign for Cornell's fluctuating net worth.