Target CEO, Brian Cornell’s salary has declined nearly 90% in the last few years, especially amid the recent boycott due to its rollback on DEI initiatives. According to Black Enterprise, Target is losing so much money that executives’ wages have drastically reduced as a result. New data shared by the Minnesota Star Tribune detailed that Cornell’s new annual income was nearly $10 million in 2024, the lowest since 2016. In 2018, he earned nearly $18 million. Both amounts are significantly lower than Cornell’s highest salary payout of $17.5 million in 2020.
Target’s lagging results and DEI backlash is shrinking executive bonuses
Target didn’t meet its business goals two years ago and fell even further behind in 2024. The company typically gives its top executives bonus stock based on how well it performs over three years. However, from 2022 to 2024, Target missed the mark on key goals like sales, profits and making the most of its investments. Due to that, executives earn only about 62% of their potential bonus.
Cornell and his executive peers within the company may see further pay reductions as the company faces fallout from two major fronts: a controversial retreat from its DEI commitments and renewed economic pressure from Donald Trump’s growing tariffs.
Target’s DEI reversal sparks outrage while tariffs loom
The backlash was swift after Target announced in January 2025 that it would formally end its three-year DEI goals after Trump returned to office. Civil rights activists, Rev. Al Sharpton and Rev. Jamal Bryant called for a national boycott, citing Target’s decision to stop sharing diversity data with organizations like the Human Rights Campaign’s Corporate Equality Index. The move triggered a wave of criticism and consumer pushback, particularly from Black shoppers and others surprised and disappointed by the reversal.
In the following weeks, Target’s chain of stores saw a noticeable drop in traffic and sales. Cornell later met with Sharpton to address concerns in a “constructive and candid” manner, so the company attempts to regain trust. As Blavity reported, despite the CEO’s attempt to restore its consumers’ faith, the boycott’s leaders decided that the strike would continue.
