Target CEO Brian Cornell saw his compensation drop sharply in 2024, continuing a multi-year downward trend amid political controversy, consumer pushback, and weakening shareholder returns. Despite some improvement in the retailer’s quarterly performance, Cornell’s total pay package fell 45% from the previous year, marking his lowest earnings since 2016.
According to the company’s recent proxy filing, Cornell received $9.9 million in total compensation last year. That figure is a steep decline from his peak earnings of $77.5 million in 2020, representing an overall drop of 87%. The sharp cut reflects disappointing long-term performance metrics, waning stock awards, and growing backlash over Target’s recent political and social decisions.
Cornell, who has led the Minneapolis-based company since 2014, maintained a base salary of $1.4 million, a figure that has remained unchanged since 2019. But other components of his compensation package took significant hits. His 2024 bonus amounted to $785,400, with non-equity incentive pay reaching $1.5 million and an additional $596,391 listed under other forms of compensation. Most notably, the value of his stock vesting came in at $5.5 million, far below the double-digit millions seen in prior years.
One of the major factors behind the decline is the weakening value of long-term equity awards, which traditionally make up a substantial portion of executive compensation. Target’s performance during the 2022 to 2024 period fell short of expectations, delivering just 61.6% of its targeted goals for sales, earnings, and return on invested capital. These missed benchmarks directly impacted the payout from stock-based compensation.
The company’s stock also lagged compared to industry peers. Target ranked 14th out of 20 in shareholder returns, another blow to equity-based awards. Overall, the retailer’s total shareholder return in 2024 was just 2.2%, and its guidance for 2025 remains conservative as it navigates ongoing tariff pressures and cautious consumer demand.
Adding to the turbulence was a wave of public and political backlash. Cornell came under scrutiny after making a $1 million donation to a Trump-aligned political action committee. Around the same time, Target began scaling back its Diversity, Equity, and Inclusion (DEI) initiatives, drawing both praise and criticism. The decisions placed the company in the middle of a heated national debate and led to consumer boycotts that further clouded its outlook.
Despite steady grant-date values suggesting rising compensation, actual realized pay told a different story. The stock awards Cornell received did not appreciate as expected, delivering lower returns when they vested. In 2023, for instance, he earned $13.6 million in performance-based stock payouts. That figure dropped to $5.5 million in 2024, reflecting the company’s ongoing struggles to meet its internal performance targets.
Target’s CEO pay ratio now stands at 753 to 1, based on a median employee salary of $27,090. While executive pay ratios remain a common point of discussion among corporate critics, Target’s latest figures underscore a broader narrative: even at the top, compensation is increasingly tied to performance, and public perception can carry real financial consequences.
Looking ahead, Target’s cautious financial forecast for 2025 signals continued headwinds. With tariffs pressuring margins and shoppers showing signs of fatigue, the company’s leadership will need to navigate a landscape shaped not just by economic forces but by political and cultural shifts as well.
For Cornell, the CEO title remains. But the sizable bonus checks and lucrative stock options that once defined the role have become far less predictable. In a year defined by challenges both inside and outside the boardroom, the financial toll has made its way all the way to the top.
