The chief executive of US retailer Target Corp. will step down from the role on 1 May.

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Bob Ulrich, who turns 65 in April, will stay on as chairman until the end of fiscal 2008.


Target president Gregg Steinhafel has been named as Ulrich’s replacement.


“During Bob’s tenure, Target has achieved outstanding financial results and become one of the most recognized and valuable brands in the world,” Steinhafel said.


Target’s sales for the five weeks to 5 January inched up 0.1% to US$9.3bn.

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