Steinhafel could get $26 million in Target severance

[LakeVermilion]

Source: Minneapolis Star Tribune

Target Corp.’s Gregg Steinhafel is eligible for approximately $26 million as he steps down from the top leadership position at the nation’s second-largest retailer.

The final number is dependent on the filing of the Minneapolis company’s annual proxy statement, which discloses pay for the previous year and severance under a variety of scenarios.

The company early Monday announced Steinhafel’s departure as chairman, president and chief executive officer. He led Target through a tumultuous six years that included the 2008-09 recession, growing competition from online-focused retailers, a troubled expansion in Canada and a data breach that put the confidential data of tens of millions of customers in the hands of cyberthieves.

Target’s proxy statement is overdue, though the company is not yet out of compliance with securities industry rules. Target is required to file the statement within 120 days from the Feb. 1 end of its fiscal year, making its deadline June 1. However, Target recently told the Securities and Exchange Commission that it would provide its proxy statement “on or about April 28th.”

Read more: http://www.startribune.com/business/257978161.html

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Rather than awarding Steinhafel $26 million in cash, he should be given $26 million in credit at Target and be forced to spend it on the crap that he's forced on the American public.

[Bonhomme Richard]

1. This type never loses. Except of course,.....

they piss off others of their type.
Pissing off you and me...forget about it. It is all about the money.

[Dustlawyer]

2. I hope he chokes on it, that's what Gluttons do!

[blkmusclmachine]

3. Savvy! (Yes, the 1% are doing very well, thank you very much!)

[BootinUp]

4. Fuck, I wish they would fire me like that. nt

[L0oniX]

5. Hey mommy ...when I grow up I wanna be a CEO too.

FFS They are bold with their greed!

[Blue_Tires]

9. I chose the wrong major in college...

If I ever have kids, they are all going into business/econ/accounting...

[ForgoTheConsequence]

6. What a fucking joke.

The game is rigged folks, it's all over.

[Thor_MN]

7. Why is it that I can't place a clause in my employment agreement that if I fuck up, I get paid

millions?

[markmyword]

8. Failing Schools!

So what's good for the 1% should be good for the other 99%.

If you're a teacher who's students fail all the multiple tests given each year, and your job is tied to those test results, then by the logic of Wall Street and the business community, you should be rewarded with a Golden Parachute.

$26million to FaIL, with those incentives who needs to work hard? You win if you do a good job and you win when you do a lousy job. How many people would like those odds?

How about kicking him out with NOTHING, just like the rest of us if fired. Did security watch him clean out his desk and make him leave IMMEDIATELY, like they do to everyone else fired?

We need to bring back the Occupy Movement!

[Calista241]

10. Excessive.

26 million is excessive, but remember, this guy will never be able to get a job ever again. How could he when he's failed so spectacularly.

Taking a CEO job is a giant risk. Books are going to be written about this guy and his giant fuck up.

He only became CEO in 2013, and the technology that failed was implemented years ago, so he's really taking the fall for someone else's mess.

That being said, 26 mil in ridiculous. Shoulda been 2 or 3 mil.