• January 10, 2008

Target Corp. says Bob Ulrich, 64, CEO and chairman of the board, will retire as CEO this May.

He will be replaced by President Gregg Steinhafel, 52.

Ulrich--who has been with the company since 1967 and has been chairman since 1994--is credited with building it into one of the most respected brands in retail, and will continue as chairman through the end of the year.

Target has warned investors that its December sales are likely to be well below its previous forecasts.

--Sarah Mahoney