Target CEO Steinhafel Exercises Stock Option, Nets $6.15M
Target Corporation Chairman, President, and CEO Gregg Steinhafel netted a $6.15 million profit from a recent sale of the Minneapolis-based retailer’s stock.
On Friday, Steinhafel exercised an option to purchase 200,000 shares of Target stock for $33.80 per share, according to documents filed with the U.S. Securities and Exchange Commission (SEC). He then sold the shares for $64.57 each.
Steinhafel paid $6.76 million when he purchased the shares, and he received $12.91 million when he sold them—a difference of $6.15 million.
According to the SEC filing, the option that Steinhafel exercised was granted to him on January 14, 2009—at which time the stock price was $33.80. It was set to expire on January 14, 2019.
Target’s stock price has been slowly but steadily climbing in recent months. The share price surpassed the $60 threshold in early June and closed at $64.41 on Monday.
Shares of the retailer’s stock closed above $70 in mid-July 2007 but took a hit during the recession, reaching lows below $30 in late 2008 and early 2009.
Target is Minnesota’s second-largest public company based on revenue, which totaled $68.5 billion in the fiscal year that ended in January.