Target CEO accumulates $140 million in deferred comp

NEW YORK (Reuters) - Target Corp's (TGT.N: Quote, Profile, Research, Stock Buzz) outgoing CEO has amassed more than $140 million in deferred compensation and pension benefits over his four decades at the discount retailer, a filing with U.S. securities regulators showed on Monday.

Robert Ulrich, who will reach Target's mandatory retirement age of 65 this month, is slated to retire as chief executive on May 1, but remain chairman of the board. Gregg Steinhafel, who joined Target in 1979 and is now its president, will succeed him as CEO.

In a regulatory filing, Target said Ulrich received much of his compensation in the mid-1980s and into the 1990s through a deferred compensation program designed to retain top talent and reward longevity with the company.

That helped build his $140.79 million in accumulated savings, earnings and supplemental pension benefits, it said. The total represents money held in a combination of two plans. One of the plans was frozen to new deferrals in 1996.

A spokeswoman for Target could not be reached immediately for comment.

Ulrich has worked for 41 years at the second-largest U.S. discount retailer, behind Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz).

He started as a merchandising trainee in its store division in 1967 and advanced through various management positions. Under his tenure as CEO since 1994, the retailer said it had nearly tripled its locations and increased sales more than four times.

By attracting shoppers with cheap but trendy designer clothes, handbags, shoes and home decor, Target's sales had been outpacing Wal-Mart's.

But its sales began to falter last year as shoppers, worried about the weakening U.S. economy, filled their carts with lower-margin food, laundry detergent and toothpaste instead of higher-margin shoes, clothes and jewelry.