8/22 Startribune - http://www.startribune.com/one-year-in-brian-cornell-says-he-s-here-to-stay-as-tries-to-modernize-target/322598431/
Confirming the layoffs in TTS -:
Cornell and other executives have also been clear that the next round of layoffs will be in the technology services department, which has been relatively immune to reductions thus far. “I don’t think there are any secrets about it around town,” he said, adding the number would not be large.
Sorry to chime in 140979: Is your point that Gregg was a "top 10 worst CEO ever." Or that none of the "crappy corporations" paid out as large a severance to their failed CEO's? It seems your points are at best a little jumbled. You also mention "read and learn." Please do heed your own advice. At least two of the failed CEO's mentioned in your post received quite a bit more $$$ than Gregg. The large payout to the former TGT CEO was massive and disgusting. But it was mostly related to his time with the company (30+ years) and his participation in certain deferred compensation programs, pensions and un exercised stock options all put in place by Target's Board long before Gregg was CEO.
Well, tell that to 140954
Anonymous140979: The companies you mention are all Bankrupted, most CEO's in Prison or involved in Major share holder lawsuits. Not quite sure where you're going? Are you all there?
No CEO of Enron, Pan Am, Kmart, Worldcomm or any of these crappy corporations had the golden parachute that Steinhaffel had. So don't try to pretend you can lecture on this. Read and learn.
I am no Gregg apologist, but top 10 worst CEO's in history. Not even close: Think companies like Enron, Pan Am, Kmart, Worldcomm, Countrywide. People like our own Tom Petters.
Wait so BC is in it for the long haul? That's the same thing every athlete says until they are cut or find something better. I'm sure Gregg would have said the same thing.
Greg Steinhaffel is in the top 10 of the worst CEO's in the history of the United States corporations. And the list is fairly big. Include Carly Fiorina, Bob Nardelli and many others.
For everyone who is mad about the situation, blame Gregg. He never had the balls to do what was right for Target but instead pandered to his airbrushed appearance of a half wit CEO. Then blame the leadership Gregg put in place that lacked the courage to stand up for the rest of Target and ensure that even though Gregg was spineless, something positive could happen. And finally blame yourselves, and you know who I mean, those that sit on this site and say how they are waiting for their layoff and severance or the leaders who champion ideas like agile and DevOOPS when they lack the experience or insight other then reading something from a trade mag in stall 3. At the end of the day what is happening now is needed to ensure a positive while limited growth model.
Anonymous140476 ... Former TTS: can't agree more. To those who whine about things being harsh or unclear or _____, you might want to check Casey's comments. Not harsh. Just realistic.
99% of the posters are a bunch of f'ng whiny people who only seek their boat not to be rocked. Complacency filled Target HQ floors for years. Now, it seems that BC is looking to make Target a well-oiled machine, and you poor people don't like it, because you are going to be forced to do real-work, to work 8-5, no more 9-3, no more 2-hour lunches and no more GTKY 1-hr coffee breaks that reduced your effective work time to 2 hours. Suck it up if you stay and learn to deliver your best, and if you are not up to the task, resign. Don't wait to get laid off.
IT's good to hear that the cuts will not be large - as an officer of the corporation BC can't make a statement like that and it not be true. I've suspected the amount of turmoil that is reflected in posts here are due to anxiety and the unknown, not due to insider knowledge. We've scared ourselves, having too much time for speculation. Some of the rumors I've heard (not on this site but in hallways) have been hideous and not in tgts best interest but the fearful (and the dramatic) have worried about them just the same. If it's my time to go, I'm ready - desk is cleaned, contacts are copied, personal emails have been forwarded home - but I still have projects in flight so I'm going to stop worrying about it. Good luck to us all.
there's been several different mini layoffs in HR, Merchandising, AP, OP's, Finance and Distribution. They've all followed the same pattern.
Do NOT expect the severance packages to be less. They will follow the same pattern.
I would be surprised if they changed the severance formula from what it was earlier this year; it will be a big enough layoff to need to give the 60 day WARN notice, so that's time still on the payroll and if a person isn't asked to work through it. As far as the number of weeks of severance, and I''m basing this on the behaviour of another company I worked for, this isn't insider knowledge, they'll stick to the pattern from earlier this year for the rest of 2015. Even if, as other posters have mentioned, there isn't a severance policy at Target, they probably won't change their pattern until 2016, when the new vacation policy comes in. Then, if I were a betting man, I'd wager the formula for the severance package will be cut back. If the earlier posts here are true, the payouts will be cutback at least to the extent of whether you get your remaining vacation paid or not.
Official warning that you should expect less severance as it was no secret it was coming.