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Target's Former CEO Got Pay Package Reduced By 37%

Now that Target is seeing its profit per share dropping for the first time in 5 years, they made the decision to cut the former CEO's total compensation by 2/5th and gave no bonuses to any top executives. The former CEO Gregg Steinhafel is now getting paid $13 million compared to the previous $20.6 million. His salary remains at $1.5 million but without any bonus for the second year.

Target came to this decision after meeting with shareholders whom voted in this direction. They feel that Gregg's overall pay was too high considering their performance compared to other peers. Not only that, his departure from the company was revealed to be involuntary.