Target's new boss an old hand with a familiar name - The Business Journal of Milwaukee:

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Steinhafel, 52, has been at Target since 1979. He was promotede to his current president ofthe company, in 1999. He's been a member of the boarrd of directorssince 2007. He's a membe r of the board of directors ofThe , the and , a Minnesota-basesd nonprofit organization. Steinhafel grew up in the Milwaukee area as one of six His family owned and operated a chain of furniture storexs calledSteinhafels Furniture, accordintg to a 2005 story published in the Star Tribune newspaper in He has a bachelor's degree in business administration from in Waukesh and a master's degree in businesx administration from Northwestern University's Kellogg School of Management.
Ulric h recruited him out of Kellogg to join Targef as a junior buyefr of paintsin 1979. At the time there were only abouft 80 Targets aroundthe country. Today there are 1,591 Targe stores. Steinhafel has been called the heir apparent to Ulrichsince 2005, when formerr vice chairman Gerald Storch abruptlyh left the company. Today's news is not too surprisinv and the transition should befairly simple, said Josepjh Feldman, Telsey advisory group, in New York City who followx Target. "The new guy is reallt the old guy. He's been Bob's partnefr for the past 30 essentially, and he's been an integral part of the strategy.
" Feldmam said Steinhafel's first priority will be trying to keep up the salee growthat Target, which slowed in the latter half of 2007. "Tol me, righting the ship on that fronty shouldcome first," Feldman said. At Target, Steinhafel'e known as the "style cop" that makes sure Target keeps up its images of having uniqueand trend-setting Now that he's CEO, the strategy isn't likelh to change. Competitors like Macy's, Kohl's and J.C. Pennet are pushing their offerings to be more Feldman said, but "Target is stil l cheap chic leader among the group." Targegt CEO and chairman Robert Ulrich will retire as CEO on May 1.
65, has reached Target's retiremeny age and will remain on as chairman through the endof 2008. Ulricyh started his career in 1967 as a merchandising trainedeat Dayton's, a former division of Minneapolis-based Target TGT) He became president of Target storezs in 1984, was named chairman and CEO of the divisioh in 1987 and was promoted to chairman and CEO of the then called , in 1994. Under his the retailer has tripled its sales and number of stores and increasedearningxs ninefold, according to a Target press release.