AP News

Target names Ken Salazar to board of directors

MINNEAPOLIS (AP) — Retailer Target Corp. said Tuesday it has added former U.S. Senator and Secretary of the Interior Ken Salazar to its board of directors.

Salazar, 58, was a U.S. Senator from Colorado from 2005 to 2009. He was named Secretary of the Interior in January 2009 and stepped down in April. In June, he became a partner for the international law firm WilmerHale. Salazar is the twelfth member of Target's board.

Mary Dillon resigned from the board of directors in June, after she was named CEO of beauty products company Ulta Salon, Cosmetics & Fragrance Inc.

Non-employee directors of Target in 2012 received an annual retainer of $90,000, plus $80,000 in stock options and another $90,000 in restricted stock units. Stock options are granted in January and are immediately vested, but are not exercisable until one year after the grant date. Restricted stock units are settled in shares of Target common stock when the director leaves the board. New directors also receive a one-time grant of restricted stock units worth $50,000 upon joining the board.

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