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Target's CEO made 719 times the median employee's pay last year

Apr 30, 2024, 04:38 IST
Business Insider
Target CEO Brian Cornell's is in charge of 415,000 workers across 1,956 retail stores across the US.Mark Lenihan / AP Images
  • Target CEO Brian Cornell received total compensation of $19.2 million last year.
  • The median compensation for associates was $26,696, according to Target's annual proxy statement.
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Brian Cornell has come a long way since his days of scrubbing Tropicana trucks and coaching high school football to pay his bills.

The Target CEO received total compensation last year of more than $19.2 million, up $1.6 million from the year before, according to the company's annual proxy statement filed Monday with the SEC.

The pay package consisted of $1.4 million in base salary, $14.7 million in stock awards, and about $3.1 million in other compensation.

Cornell also made $303,197 worth of use of Target's company-owned airplane "for security reasons," the filings say.

The 65-year-old New York native is now in charge of 415,000 workers across 1,956 retail stores across the US, and annual revenues of $107.4 billion.

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Of those 415,000 workers, the median employee was paid $26,696 last year, up 2.7 percent from the previous year. Cornell's compensation is 719 times that amount.

By comparison, Walmart CEO Doug McMillon's most recently disclosed compensation package was $26.9 million, while Craig Jelinek made $16.8 million in his final year as Costco CEO. Their pay ratios were 976 and 336, respectively.

Under a new calculation that companies are required to disclose as of last year, Cornell saw his net worth grow by nearly $10.7 million last year after adjustments to recognize the gains and losses of his stock awards.

Do you work for Target? Contact Dominick Reuter via email or text/call/Signal at 646-768-4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.

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