who-owns-target-corporation-1605713108444.jpg
Source: Target Corp.

Who Owns Target and When Was It Founded?

By

Updated

Target Corporation stock was trading higher on Wednesday, Nov. 18 after its earnings smashed the estimates. The company is among the oldest surviving retail chains. Who founded Target and who are the current owners?

Article continues below advertisement

Target Corporation is a publicly traded company and is majority owned by institutional investors.

Who owns Target Corporation?

Mutual funds own over 36 percent of Target, while other institutional investors own almost 47 percent of the discount retailer. The Vanguard Group and State Street Global Advisors are Target’s top two shareholders. They own an 8.7 percent and a 7.9 percent stake, respectively, in the company.

Article continues below advertisement
target-corporation-1605713158271.jpg
Source: Target Corp.

Who founded Target stores?

In 1902, George D. Dayton became a partner in Goodfellow's Dry Goods Company. The next year, he became the sole owner of the company which was then renamed Dayton Dry Goods Company. In 1938, his son, George N. Dayton, became the Dayton Company’s president after his death. In 1962, the Dayton Company opened the first Target store. In 1969, Dayton Corporation merged with J.L. Hudson Company to create Dayton-Hudson Corporation. In 2000, the company changed its name to Target Corporation.

Article continues below advertisement

Target Corporation management

Currently, Brian Cornell is Target Corporation’s CEO and president. He joined the company in August 2014 with over three decades of experience in retail and consumer product companies. John J. Mulligan is Target’s chief operating officer, while Michael Fiddelke is the company’s chief financial officer.

Article continues below advertisement

Brian Cornell is Target’s CEO

When he took over as Target Corporation’s CEO in 2014, Cornell was the first outsider to lead the company. Cornell worked in leadership positions at several companies including PepsiCo and Walmart. He was the CEO of Sam’s Club and then re-joined PepsiCo. He was in line to succeed PepsiCo CEO Indra Nooyi. Cornell has made several high-profile moves throughout his career, unlike some other CEOs who grow within an organization.

brian-cornell-target-ceo-1605716825093.jpg
Source: Target
Article continues below advertisement

What is Brian Cornell's net worth?

According to Wallmine, Brian Cornell has a net worth of over $67.5 million. However, Celebritynetworth.com puts Cornell's net worth at $80 million. It's worth noting that Cornell had a very humble childhood. He did many odd jobs during his childhood and teenage years. He also washed Tropicana trucks at a distribution plant to raise money for his college education.

Later, Cornell worked for Tropicana. He worked there even after PepsiCo acquired the company in 1998. Eventually, he became the president of Tropicana and the president of PepsiCo’s North America Food Services segment.

Article continues below advertisement

What is Brian Cornell's salary?

Target has a 10 percent base pay and a 90 percent performance-linked pay structure for the CEO. According to the company’s regulatory filings, Cornell’s salary was $1.4 million in fiscal 2019. He won stock awards of $13.6 million during the year. He also earned another $3.3 million under the non-equity incentive plan and $592,543 as other compensation.

Overall, Cornell earned $18.9 million as compensation from Target Corporation in fiscal 2019 compared to $17.2 million in fiscal 2018. In fiscal 2017, Cornell’s total compensation was only about $8.4 million.

Article continues below advertisement

Brian Cornell's political party

There isn't any public information about Brian Cornell’s political affiliations. AP News reported that he hasn’t donated to any candidate in a personal capacity. However, Cornell was among the business leaders that President-elect Joe Biden met after the election.

Advertisement

More From Market Realist