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Target CEO Ulrich to Retire

In a long-expected move, discount retailer Target said Wednesday that Chairman and Chief Executive Bob Ulrich will retire May 1 and be replaced by President Gregg Steinhafel.

Ulrich, 64, will remain as chairman through the end of fiscal 2008. He has been with the company that became Target since 1967 and has been chairman and CEO since 1994.

Steinhafel, 52, has been with the company since 1979.