Steinhafel’s ’causeless’ Target exit earns $16 million payday

Gregg Steinhafel
Gregg Steinhafel

$16 million is the figure the Strib’s Pat Kennedy puts on ex-Target CEO Greg Steinhafel’s farewell package. “… his post-termination benefits are shaped by a $7.2 million payment as part of the company’s income continuation plan, a condition of his employment agreement that is a calculation based on his salary and previous bonuses. In addition, Steinhafel must repay $5.4 million in early retirement benefits as part of a separate pension plan. Meanwhile, he is entitled to stock options and other deferred compensation that, based on Target’s current stock value, amounts to just over $14 million.”

The Busines Journal’s Nick Halter adds that the Securities and Exchange Commission filing acknowledges Steinhafel’s exit was “an involuntary termination for reasons other than for cause.” So there was no cause? (We know; business-speak at its most opaque.) Colleague Jim Hammerand notes Steinhafel made $13 million during Target’s disastrous 2013 — and that was down 35 percent from 2012, according to the AP.

Roughly 1,600 Minnesotans have died of opiates between 1999 and 2012, but the PiPress’s Elizabeth Mohr, Sarah Horner and C.J. Sinner note too few were attributed to heroin. Apparently, “heroin” was not listed specifically to avoid family shame; that good intention meant the public did not get the most accurate information for combatting the addicition epidemic. A companion story discusses the national implications

The U of M, has responded — officially — to that new study ripping its lavish executive/administrator compensation. At MPR, Alex Friedrich quotes the U thusly: “ …‘We agree that the report addresses important issues in higher education – administrative costs, student debt and use of part-time teachers or adjuncts. Since taking office in July 2011, President Eric Kaler and his administration have made significant progress on these issues. However, the report ignores this progress, while also failing to address these issues in a responsible and truthful way for the years the report claims to represent. In some instances, the methodology and numbers that result are outright wrong.’”

When in doubt and a minority … return to messagingStribber Baird Helgeson reports on GOP legislators on tour reminding Minnesotans of how bad things really are. “Legislative Republicans were blitzing the state Monday to make the case that one-party Democratic control at the Capitol is bad for Minnesota. Democrats brought ‘unhealthy taxing and spending, hurting Minnesota’s economy and hurting Minnesota families,’ said House Minority Leader Kurt Daudt, R-Crown.” I assume they’re promising to bring anti-abortion and voter ID back next year. Our own Briana Bierschbach’s take here.

Could be a little late at the farmers’ markets this year … . For WCCO-TV, Susan Elizabeth-Littlefield reports, “ … planting is way behind in many parts of Minnesota and Wisconsin. … ‘Central Minnesota, south central Minnesota, portions of southeastern Minnesota and even northwestern Minnesota have had to deal with cold, wet conditions where it’s kept them out of the field,’ Dave Nicolai, an instructor of crops at the University of Minnesota Extension, said.”

The PiPress has “updated” a story on Victor Barnard, he of the “maidens cult.” Karl Kahler, the story’s author writes, “I remember Barnard well, as I went to Bible college with him in Kansas in the 1980s, when we were both members of The Way International, a notorious Christian cult based in Ohio. In fact, I recognize the playbook he is alleged to have used to justify the sexual abuse of trusting followers, because he would have learned it from our former masters in The Way.”

So is it us … or our dogs?  Another WCCO-TV story says, “About 4.5 million Americans were bitten by dogs in the United States last year. Roughly half of them were children and another large number was U.S. Postal Service workers. According to the report from the Insurance Information Institute, Minnesota is ninth when it comes to dog bite claims. There were 120 claims last year, costing $4 million in payouts.” Wait a minute … carry the 1 … $33,330.00 per bite?

If you thought there wasn’t anything more anyone could ever say about or divine from Bob Dylan … you’re really, really wrongChris Francesani at The Daily Beast writes, “In recent years, the singer’s followers have been quietly uncovering clues to what New Mexico DJ Scott Warmuth calls Bob Dylan’s own personal ‘Da Vinci Code,’ a hidden metatext within his acclaimed 2004 memoir, ‘Chronicles: Volume One,’ full of fabrication, allusion, and widespread appropriation of material from a vast and surprising spectrum of sources.”

You can also learn about all our free newsletter options.

Comments (3)

  1. Submitted by Jon Kingstad on 05/19/2014 - 02:19 pm.

    “Causeless” termination

    Obviously another sweetener for Mr. Steinhafel so he can qualify for unemployment benefits.

  2. Submitted by Robert Gauthier on 05/19/2014 - 06:30 pm.

    U of MN

    Cannot get a break. I went back and looked at response by U, looks like data is pretty flawed in report. Either the conservatives – WSJ- or liberals-IPS- are ripping them. The U is in the midst of a big transformation and disinformation like this does not help the mission.

  3. Submitted by Ray Schoch on 05/19/2014 - 06:45 pm.

    Termination

    Oddly enough, most employees of Target – and every other sizable business in the area – do not have multi-million-dollar paydays awaiting them if they screw up on the job and get themselves fired. They don’t even have those kinds of paydays if their performance is exemplary and they just got the best performance review in company history.

    The only similarity between Mr. Steinhafels’ departure and that of some ordinary worker in Minnesota is that Steinhafel, too, turned out to be an “at-will” employee.

Leave a Reply