Target CEO’s Pay Fell by $2.1 Million After Inventory Buildup

Target Corp.’s top leader took a $2.1 million hit to his compensation last year after a surge in inventory hammered the retailer’s profit.

Chief Executive Officer Brian Cornell got total pay of $17.7 million for the fiscal year ending in late January, down from $19.8 million the year before, Target said Monday in a regulatory filing. The decline was largely due to a sharp drop in compensation from the retailer’s non-equity incentive plan, which is tied largely to sales and operating income.

Target CEO Brian Cornell

Photographer: Sarah Blesener/Bloomberg

While Target’s revenue increased last year, operating income tumbled by more than half as consumers ...