On a day when it closed out its credit portfolio and began a debt tender process, Target Corp. also appointed board members with environmental and Internet expertise. The retailer has announced that Douglas Baker, Jr., chairman and CEO of Ecolab Inc., and Henrique De Castro, COO of Yahoo! Inc., have been elected to its board of directors, effective immediately.
Baker is a 24-year veteran at Ecolab, headquartered in St. Paul, MN, Target stated. De Castro joined Yahoo as COO in November 2012 after spending seven years in senior leadership positions at Google Inc., the retailer noted.
“We’re very pleased to welcome Doug and Henrique to our board,” said Gregg Steinhafel, Target chairman, president and CEO. “As Target continues to explore and seize profitable new opportunities in a rapidly-changing environment, we expect to benefit greatly from their organizational, operational and strategic insight, their significant global experience and perspective, and their unique leadership and digital expertise.”
Before making its board announcements today, Target already had made public statements saying that it had commenced tender offers to purchase for cash a range of debt securities and that it had completed the sale of its consumer credit card portfolio to TD Bank Group for $5.7 billion. Target also conveyed that Terry Scully, its president, financial and retail services, plans to retire in March 2014.