When on earth will someone hold Gregg Steinhafel (and the Board of Directors - none of which have departed) accountable for getting Target into this mess? Gregg walked away with $40 FREAKING MILLION and now up to 2000 people are going to pay the price for his and the BOD's terrible, awful leadership.
I hate this place, and I hope this whole pathetic situation shines a glaring light on what is wrong with American business.
Agreed. But do you see how that can be tricky when your CEO is also the Pres of the Board and they're all in bed together? Most European companies are not structured this way and for good reason.
I believe that the most important piece of tis post is that the Target Board of Directors, riding Canada and all of the failures of the past five years, is completely intact. How do we get rid of the board??
And 73042, not to pile on here, but GGG left zero room for anyone who didn't agree with him. He created (demanded) a culture of zero dissent, zero dialogue. He had no vision for Target except to try desperately to chase Wal-mart. This whole mess is absolutely him. I'm sorry, but if your own Cheif of Merchandising isn't even talking to you, you know you've got problems. He was a disaster for this company, plain and simple.
His severance was $61 Million, just to clarify things here a bit. I do not think that anyone EVER geniunly liked Gregg, I do not think his family likes him. He's as fake as they get, what a grin he has, and that hair, oh man, talking about spending 90 minutes per day looking at a mirror. What a fraud!!!
Meh huh, how many people who are dumping on Gregg were kissing his ass just a year ago. That was one of the problems, too many "yes people" pulling together one sided presentations and not enough real decision making.
Good point,73026.
I will take 40 million and no respect. Now i get 0 respect and little money
73007: Steinawful's dumb grin and helmet hair. What a pompous box of rocks that dude was. He may have a pile of dirty money now, but he also has a legacy that's nothing but crap and zero respect.
2000 is probably conservative even. Based on Cornell interviews the number has been ball parked at "several thousand" to be laid off at HQ over the next 2 years.
:-) --- that's Steinhafel's face smiling at all of us.
Where did you get the number (2,000)?