Archived Gregg is gone (USATODAY Just Reported It)

[brazzlebub]

Tears of joy are flowing from my eyes as I type this

 

[TeamRed]

Hooray...... Now that he is outta here.... Maybe just maybe we can have our old company back. No more pressures of the high demands of red cards ( only if they want them) no more vibing...... Back to fast fun and friendly! The team morale will be back up! Come on let's get Target back!

 

[redeye58]

Any chance this has more to do with than the data breach? As big as the data breach was, Target was taking all the right steps toward addressing this issue under his leadership. Perhaps there's a little more to this story? Any chance we will see a culture change closer what Target used to be?

It absolutely has more to do with than the data breach alone. Canada and their $1billion loss there is likely another significant part of it.

Data breach, over-expanding in Canada, target.com crash & burn, the Shops, Neiman Marcus just to name a few.

 

[RedDog]

Well after his long list of screw ups his ability to survive has come to an end http://www.reuters.com/article/2014/05/05/us-target-ceo-idUSBREA440BD20140505

"The departure of the 35-year company veteran also follows Target's botched multi-billion dollar expansion into Canada.

"After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," the company's board said in a statement."

"Overall, the company reported a 34 percent drop in net profit last year to $1.97 billion.

Analyst Ken Perkins of investment research firm Morningstar said the performance in Canada would have contributed to Steinhafel's departure.

"Clearly the data breach was not good publicity ... but in terms of an executive decision from a strategy point, the entry in Canada has really not gone the way company planned," he said."

Now the question becomes is this just a PR move or is Target ready to make some changes get back on track?

 

[Hardlinesmaster]

See the other thread, please.

 

[Hardlinesmaster]

Here is what the other guy said about it:

http://targetfiling.blogspot.com

 

[Backroom81]

The change, it had to come
We knew it all along
We were liberated from the fold, that's all
And the world looks just the same
And history ain't changed
'Cause the banners, they are flown in the next war

I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again

 

[commiecorvus]

Well we give them the election
They keep filling our heads full of lies
Can we trust in new directons
When their promises are in disquise
Well someday the truth will catch up
I just hope it don't catch us all by surprise

It's the same old wine
In a brand new bottle
It's the same old wine
In a brand new bottle

Teach our children virture
Then we send'em off to war
Then we ask ourselves the question
What and the hell are we fighting for
If you should find a reason
Well don't be afraid to open the door
Well don't be afraid

 

[Hardlinesmaster]

Reminds me of these comics:

 

[Stocker]

Gregg's tenure has been during a time were Target is slipping. Over expansion of stores, Target Canada, drastic cuts in store hours and personnel, Target.com failures, and the Data Breach....Naturally the best thing to do is copy the college team plan. Once a school gets into a losing season slump, throw out the coach and put a new overpriced new coach in and wait 5 years.

Kind of my thoughts on the subject....the only way we will know if they are serious about a different path is who they actually name permanently. It would be great if we could get someone good from outside of the company but I doubt this will happen seeing how corporate works.

 

[TiedAndDropped]

Target stock has dropped more than $2 today. First quarter 2014 earnings are due to be reported in a few weeks, and Wall Street is speculating that the timing of Gregg's departure reflects just how bad that report may be.

 

[nolongerspecial]

It was pretty comical how this news put a pep in everyone's step at my store today. I'm not banking on things getting any better for TMs, though. The job search continues.

 

[Willingandable]

fuc**r is leaving with part of my raise.

 

[Lalena]

😉😉Oh no, not Tina...she'll be the next to go, just wait and see...CNBC called for this over a year ago when the Canada expansion was happening...To lose between 800-900 million dollars does not make the Board of Directors happy.😡😡

 

[Life201]

Target has a decision to make now. Do they have any interest in returning to a point where they valued their employees & had some loyalty for them or will their goal continue to just to be perceived as being a bit better than (the hated) Walmart?

They cannot forever count on the public to be blind to the fact that as employers they are just as bad as Walmart is & as a corporation they buy from the same types of sweatshops that Walmart does.

Best company ever. Not Target. But it could be if they cared enough about the hard working employees who kill themselves to make them wealthy. Target should BE BOLD when it comes to caring about their employees!

 

[RhettB]

Gregg's departure did not help the closing stock price today. Only a $2.14 drop. Tomorrow will be an interesting day for the stock performance.

 

[TGTAP2]

While I too welcome the departure of Gregg, I think you guys are missing the larger picture here.

Profit is opportunity #1. Shareholders and board members want the company back in the green ASAP.

This means concerns about team member morale are not very high. That would be the concern of a corporation who has shareholders interested in long term sustainability and profit. Even if Target were suddenly concerned about morale on a large scale, I think it would take some unpopular and painful moves, such as scaling back the brick and mortar presence a great deal, to achieve enough profitability to make this a reality.

I too am glad Gregg is gone, but the current corporatist mentality of shareholders interested in short term profits is not.

 

[RhettB]

While I too welcome the departure of Gregg, I think you guys are missing the larger picture here.

Profit is opportunity #1. Shareholders and board members want the company back in the green ASAP.

This means concerns about team member morale are not very high. That would be the concern of a corporation who has shareholders interested in long term sustainability and profit. Even if Target were suddenly concerned about morale on a large scale, I think it would take some unpopular and painful moves, such as scaling back the brick and mortar presence a great deal, to achieve enough profitability to make this a reality.

I too am glad Gregg is gone, but the current corporatist mentality of shareholders interested in short term profits is not.

True, but team members who do not feel valued will not deliver the level of VIBE the company wants. Guest service scores drop, some guests go somewhere else. Profits drop. Team engagement should be part of the top priorities.

 

[TGTAP2]

I completely agree, but that takes longer to achieve than simply cutting costs.

 

[Ashfromoldsite]

Hallelujah!!!!!

 

[Ashfromoldsite]

If this can happen to the HEAD of the company, does that mean that as a sales floor team member, I'll be next to go????

I also backup cashier occasionally...

That's stupid.

 

[PureZero]

I was so excited to hear of the news this morning that I did the Carlton Dance!

 

[Willingandable]

En parte del celebracion y sabor del Cinco De Mayo:

Hasta la vista "sin amigo"

 

[bikebryan]

While I too welcome the departure of Gregg, I think you guys are missing the larger picture here.

Profit is opportunity #1. Shareholders and board members want the company back in the green ASAP.

This means concerns about team member morale are not very high. That would be the concern of a corporation who has shareholders interested in long term sustainability and profit. Even if Target were suddenly concerned about morale on a large scale, I think it would take some unpopular and painful moves, such as scaling back the brick and mortar presence a great deal, to achieve enough profitability to make this a reality.

I too am glad Gregg is gone, but the current corporatist mentality of shareholders interested in short term profits is not.

Remember the #1 thing they teach in Corporate Finance: The job of the corporation is to increase shareholder wealth. Period.

 

[konk]

But if you can increase the number of customers, it's advantageous to everyone, correct?