Target Stock Continues to Tumble

After a full year of sliding profits and stock prices, retail giant Target Corp. has announced a cut in pay for its CEO, Brian Cornell.

After a year of declining sales, tumbling share prices, and a major slide in its brand name, Target announced that Cornell’s compensation is to recede by nearly one-third, falling to $11.3 million, Reuters reported on Monday.

The reason for the cut in pay is that Cornell’s compensation is based on an incentive program. Growth for the company means growth for his take home pay. On the other hand, with the company losing billions year over year, Cornell’s incentive plan has predictably come up short.

The Target chief’s pay is based on two financial points, the company’s incentive EBIT — which makes up 75 percent of his stock component — and adjusted sales. But both have been in the dumps since last year.

As Reuters reported, “Target said it missed its 2016 Incentive EBIT goal of $5.74 billion by $623 million and fell short of its adjusted sales target of $71.62 billion by $2.13 billion.”

Financial advisor Paul McConnell insisted that the cut in Cornell’s pay was good to see. “You shouldn’t be getting rich when you are producing rotten numbers,” McConnell told Reuters.

Indeed, Target’s stock has fallen to lows not seen since 2014, the same year Cornell was hired, and is now down 10 percent, even over the price a year ago.

As of the end of trading on Monday, Target’s stock was at $55.77 a share, down from its last high of just over $87 early in 2016. The fall has continued since its sharp tumble in March of this year when the stock lost 12.2 percent in one day. And the company’s stock had already lost 24 percent over the previous three months at that time.

Despite major losses over the last year, Target has continued to claim it is doing just fine and that its plans for the future will bring it back from the ledge.

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source: http://www.breitbart.com/big-government/2017/05/01/retail-giant-target-slashes-ceos-pay-as-profits-stock-prices-continue-to-tumble/

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  • nocroman

    Cut in pay! No, No, No, He should be fired. Period!

  • Micky Mikutowicz

    check the “restrooms” for the answer….

    • THAT’S THE ANSWER….

    • M.A.Rue

      And the mess of mixing boy’s & girl’s toys making those buying them having to root thru all of them to find the appropriate boy or girl toy. And I believe they did the same thing with children’s clothes. Apparently this CEO thinks the whole world is transvestite.

  • BornAgainSouthernPride

    Too bad for him… NOT! Maybe he should understand his customer base before he pushes his leftist agenda on them.

  • smithleeroy21

    I have five ( 5 ) Target gift cards that I have been holding for more than a year. If target decides to reverse course on the transgender bathroom, I will spend them. I will probably buy other stuff as well. In the meantime I will do what I have done for the last year plus. I will stay out of Target stores.

    • Gail Davis

      I agree. I haven’t been shopping in a Target store since they pulled that stunt. We even transferred our prescriptions so I would not have to go in the store. We the people did make a difference, and they are hurting from it!

    • Thomas Kincaid

      They have already been pd for the cards, might as well use them. Right now they have 100% profit with no cost of goods sold.

  • rs1123

    Considering the harm he’s done to the brand, him working for free would still be a lousy deal.
    “We don’t care if your little daughter encounters a man in a dress while alone in the rest room…”

  • rs1123

    Aw gee, now he’s only making $5,432.00 an hour.

    • mustangsallyann

      Sickening!!!! Anyone else would be fired by now.

  • mustangsallyann

    Aaaawesome!!!!!!!!!!!! He shouldn’t have insulted and second guessed the people in this country. If we did anything, we established the great power we have when we’re all working together. We now need to remember that always. A pay cut won’t do it. Fire the idjiot Cornell or pack up and go back where you came from. We do just fine without using Target product’s.

  • Thomas Kincaid

    And theres that little thing called boycott going on, might be a factor.

  • Col C

    So completely sick of their lies, because they don’t want to admit that this is about letting men in the women’s restrooms and dressing rooms. I could feed a lot of hungry kids with this baloney. No one should make 11.3 million a year, and that is a cut in pay, aaahhhhmaaazing!

  • A. Jay

    And slick Willy was spotted at the local Target sniffing toilet seats in the transgender restroom!!

  • M.A.Rue

    How stupid. Are they TRYING to destroy Target? The CEO is running the company into the ground & he’s getting a cut in pay? Any other company would fire him ASAP.
    BTW, saw something funny last week in Walmart’s parking lot….a Target semi parked there. Was wondering if they were defecting. 🙂

  • lmorgan138

    Nothing will happen until they quit letting men in the women’s room.

  • Donald Hodges

    I won’t shop at target anymore they’ve gone to far to the left. I shop at Fareway owned by a Christian family.