Steinhafel could get $26 million in Target severance

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.”

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