MINNEAPOLIS -- Under fire for its lavish executive pay, Target Corp. said it cut CEO Gregg Steinhafel’s pay by 37 percent in 2013 — but still gave him a $15.9 million golden parachute after his “involuntary termination” this month. In a filing Monday with the U.S. Securities and Exchange Commission, Target conceded that shareholders have been unhappy with its pay policies, especially given the discount chain’s weak performance. So the board axed Steinhafel’s bonus for 2013, froze his salary and scaled back a big pension perk. Even so, Steinhafel wasn’t exactly destitute.
ST. PAUL — The Target data breach is now the subject of a massive court case, and Wednesday, nearly 100 lawyers from across the country crowded into a St. Paul courtroom as the legal jockeying began. More than 140 lawsuits — filed against Target by consumers, shareholders and banks — have been consolidated before U.S. District Judge Paul Magnuson. With so many players, the judge made it clear that resolving the mess will be a long slog, and he won’t tolerate stalling. “I know Target would like to have big, long, indefinite stays,” Magnuson said at Wednesday’s case management conference.