Bob Ulrich
Encyclopedia
Robert J. Ulrich is the former chief executive officer
and chairman of the Target Corporation
, the second-largest retailer in the United States. Ulrich is credited with crafting Target's unique brand and marketing image and focus, which is widely considered to be a key contributor to the company's growth and success in the challenging retailing industry.
, the son of a 3M
executive. He graduated from the University of Minnesota
in 1967, and moved quickly into the retailing business. He began his career with Dayton Hudson Corporation (which would become Target Corporation in 2000). Until 1981, Ulrich held a series of positions overseeing merchandising for Dayton Hudson, including overseeing merchandising for Dayton's Department Stores. In 1981, he moved to overseeing the operations of Dayton's subsidiary, Diamond's Department Stores. He currently resides in the Twin Cities Metro Area.
In 1994, Kenneth Macke
retired as chairman and chief executive of Target's parent company, Dayton Hudson Corporation, and Ulrich succeeded him in the position. Dayton Hudson had grown to encompass several store chains, including Dayton's
, Hudson's, Mervyn's, and Marshall Field's
, in addition to Target.
Over time, Target began to far eclipse the success of the other Dayton Hudson stores, and on January 13, 2000, Dayton Hudson took the name Target Corporation. Ulrich sold the other store groups, including Mervyn's and Marshall Field's
, and focused on promoting the Target brand.
's Berkshire Hathaway
to recently purchase 5.5 million of Target's shares, a move that was widely considered a strong endorsement of Target's potential for continued success, especially considering that Berkshire Hathaway has long been a holder of Target's rival Wal-Mart
's shares.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and chairman of the Target Corporation
Target Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
, the second-largest retailer in the United States. Ulrich is credited with crafting Target's unique brand and marketing image and focus, which is widely considered to be a key contributor to the company's growth and success in the challenging retailing industry.
Biography
Ulrich was born in 1944, in Minneapolis, MinnesotaMinneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...
, the son of a 3M
3M
3M Company , formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, United States....
executive. He graduated from the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
in 1967, and moved quickly into the retailing business. He began his career with Dayton Hudson Corporation (which would become Target Corporation in 2000). Until 1981, Ulrich held a series of positions overseeing merchandising for Dayton Hudson, including overseeing merchandising for Dayton's Department Stores. In 1981, he moved to overseeing the operations of Dayton's subsidiary, Diamond's Department Stores. He currently resides in the Twin Cities Metro Area.
Building Target
In 1984, Ulrich became president of the Target Stores group within Dayton Hudson, and he began leading significant growth for the division. In 1987, he was promoted to chairman and chief executive officer of the Target Stores group. By 1992, the number of Target Stores had doubled during Ulrich's tenure, to just over 500, with just shy of fifty more opening each year.In 1994, Kenneth Macke
Kenneth Macke
Kenneth Anthony Macke was an American retail industry executive who served as chairman and chief executive of Dayton Hudson Corporation...
retired as chairman and chief executive of Target's parent company, Dayton Hudson Corporation, and Ulrich succeeded him in the position. Dayton Hudson had grown to encompass several store chains, including Dayton's
Dayton's
Minneapolis-based Dayton's was among the leading department stores in the United States for nearly a century after its founding in 1902 by George Draper Dayton. In 1969, the Detroit-based J.L. Hudson Company merged with the Dayton Corporation to form the Dayton-Hudson Corporation, adding 21...
, Hudson's, Mervyn's, and Marshall Field's
Marshall Field's
Marshall Field & Company was a department store in Chicago, Illinois that grew to become a major chain before being acquired by Macy's Inc...
, in addition to Target.
Over time, Target began to far eclipse the success of the other Dayton Hudson stores, and on January 13, 2000, Dayton Hudson took the name Target Corporation. Ulrich sold the other store groups, including Mervyn's and Marshall Field's
Marshall Field's
Marshall Field & Company was a department store in Chicago, Illinois that grew to become a major chain before being acquired by Macy's Inc...
, and focused on promoting the Target brand.
Today
Ulrich continues to oversee strong financial and market success at Target. During its most recent full fiscal year, Target saw a 31% increase in earnings per share from continuing operations. Target's strong financial performance led Warren BuffettWarren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
's Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
to recently purchase 5.5 million of Target's shares, a move that was widely considered a strong endorsement of Target's potential for continued success, especially considering that Berkshire Hathaway has long been a holder of Target's rival Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
's shares.