Karma is a removed!
Really painted a target on his back, didn’t he?
I see what you did there…
I’m not sure that there’s any aspect about this news that’s truly “uplifting”.
Not even the slightest uplifting.
Stock holders and owners are probably dictating these changes. Not the CEO alone.
It’s not uplifting. Almost nothing in this c is.
It’s mostly “here’s some bad stuff happening to someone I don’t like” so it’s a bunch of schadenfreude.
It’s a stretch, but you could say it’s uplifting that other retail CEOs can see this and learn from it
It was dictated when his pay package was approved by the board. Since they haven’t shitcanned him they must not be too disappointed or not willing to pay for his exit package.
Target’s CEO pay ratio now stands at 753 to 1, with median employee pay at $27,090.
He still “earned” 753x more than the median Target salary. Crushing, I am sure. How will he ever survive?
oh no. anyway.
Cornell, who has led the Minneapolis-based retail chain since 2014, received $9.9 million in total compensation for 2024, an 87% drop from his 2020 peak of $77.5 million.
What the actual fuck? Why are humans being paid $10m A YEAR, let alone over $75m?!
I love breaking down these huge salaries into 2 week chunks because I think it brings the disparity into perspective more for people since most of us get paid 2x a month.
For $75 million that is a twice a week paycheck (I know CEOs don’t get paid this way) of $3,125,000!
That’s the total of 1000 employees 2 week paychecks if they all made ~ $40 an hour
wait, where in the world is it common to get paid twice a month? we got rid of that in like the 70s…
I’ve never had a job that paid semimonthly, but almost every job I’ve ever had was bi-weekly.
I had a job that paid 2x/month 20 years ago. I think the one before that did the same, but… That was a long time ago and I’m not sure if I remember
wait, what does semimonthly mean? like, not every month?
The English language is scuffed; due to misunderstandings we end up with seemingly opposite words now being used interchangeably to mean the same thing:
- flammable and inflammable, now both usually mean something can be set alight.
- biannual and semiannual, both mean twice a year and once every two years - which is even more confusing.
It’s at the point where if you can’t derive the intended definition from context, you need to ask for clarification! 🤦🏻♂️
In this context, I’m pretty sure the commenter was referring to twice-a-month payment. Here in Australia we would call that fortnightly (once every two weeks), where we end up with a scenario where twice a year we end up with 3 payments (for a total of 26 a year). This tends to be more common for hourly wages roles.
It’s been a hot minute since I was paid like that, as corporate salaried positions now tend to be monthly - in order to keep things simple for the HR and Finance teams, and honestly helps people like me to learn/maintain better fiscal responsibility and budgeting.
“Flammable” was invented specifically to avoid confusion with “inflammable.”
why then separate it from biweekly?
JasonDJ did a good job at explaining the what, the why would be down to cost-cutting. There are fixed costs associated with putting out payroll (beyond man hours required, there are processing fees etc.); so opting for 2/month instead of fortnightly saves you ~10% in fixed costs.
Biweekly is fortnightly. Every two weeks. I.e. Every other Thursday.
Semi-monthly would be twice a month, i.e. the 1st and the 15th.
26 biweekly paychecks in a year…24 semimonthly paychecks in a year.
biannual and semiannual, both mean twice a year and once every two years - which is even more confusing.
No! Bad! Do not encourage this! Like biweekly, biannually is every two years.
I’m not encouraging it, it’s actually one of my biggest pet peeves!
I can understand why given how rarely they’re used, people get confused between semi-annual and biannual - especially since things happening every ~6 months is a more common occurrence than every ~24.
In a world where possible/impossible is simple to understand, why is flammable/inflammable confusing!?
Don’t even get me started on “literally” - I want to bang my head against my desk every time I hear it misused.
We get paid daily
Who is “we”?
most of europe i assumed, but now that i’ve said it i realise i have no data.
My last job paid 1st and 15th . And the company i own now does the same.
I find budgeting much simpler than with a bi-weekly paycheck.
US based here. My wife gets paid on the 15th and last day of the month (28,29,30, or 31st). So she could have anywhere from 9-12 working days each check. I am paid every other week.
strange. as far as i understand it we got rid of it because more frequent paychecks can make people subconsciously less likely to put money into savings, sort of how like living next to a supermarket makes some people cook less. it’s not a law, but the unions pushed for it until it became the standard.
Hint: if it’s a thing that unions push for, don’t be surprised if it doesn’t exist in the U.S.
It’s not a coincidence at all, this place absolutely hates empowered workers.
For a second I was like “what month ends on the 29th???”
And then I realized you were being so specific as to include leap years one day.
Honestly I get paid once a month but I know some of my friends have 2 paydays a month so it’s still out there in the wild
i have only ever heard of one place that paid biweekly, and that was a completely analog firm run by some religious nut. they stopped doing it in like 2002 and everyone who worked there complained.
Conversely, I have never worked anywhere that paid bimonthly and only ever at places that paid biweekly, although a friend of mine did some years ago so… looks like there’s different payment schedules in different places—astounding.
I will say every single place i’ve worked has not paid enough to live in the modern era so at least that seems to be a consistent through-line.
I get paid every 2 weeks, so slightly more often than twice a month. The twice a year “extra” paychecks go straight into savings because they’re not part of my monthly budget. It’s a government job in the USA.
Twice a week would be 700k
What it must be like to be able to retire after your onboarding seminar.
When you put it that way, that’s fucking insane. $2 million in retirement plus having my house paid off has always been my retirement goal. Granted, by the time I reach that goal, inflation and the cost of living will probably make that not enough.
Still, to think this asshat makes that in less than 2 weeks is fucking ridiculous. Like why even work at that point? I realize “work” for a CEO is mostly golfing and expensive dinners, but still…
$75,000,000 ÷ 26 = $2,884,614
$2.8 million every 2 weeks, not $3.125 million twice a week.
The reality is bad enough without exaggeration.
They tried to do twice a month and got their wires crossed.
That is exactly what I did. I’m not a maths person. So maybe me trying to do math in a internet comment section wasn’t the best decision.
Just to put $10 million a year into better perspective: that is ~ $833,000 per month or ~$208,000 each Week! for one year
To break it even further down: that’s $5200/hr or almost $87/min – over $1/sec to be CEO there
Can you imagine how many rounds of interviews he had to go through to get the job? 🤪
With CEO’s it’s generally the company that seeks them out. He likely wasn’t interviewed so much as courted.
Not enough. We need more pressure.
For those of you not aware of Target’s recent troubles, here is an astrophysicist explaining why they suck. : https://www.youtube.com/watch?v=lPVSj9rcK-E With data!
I love Angela’s take on billionaires wanting to be physicists.
I was not expecting to watch a nearly 1hr video but damn does she bring receipts.
Salary removed by moderator.
lol. That is all.
If I had $9 million dollars I would be done. That’s line a six figure annual salary if you put it in the safest of safe investments.
Rich people suck
If I had $9 million dollars I’d buy nine green dresses but not real green dresses, that’s cruel.
I’d buy all the fanciest ketchups. Dijon ketchup!
You need enough capital that you can make enough in capital gains and dividends to live off of in a 4% down year.
Most people in this country could live off of $2,500,000 if it’s stashed in an index fund. $9,000,000 is more than anyone ever needs.
You can get 4% from a high yield savings account. That’s insured. That’s still $360,000 a year (taxed as income). You don’t need to expose yourself to a lot of markets and “down years” . I mean, if the us government collapses and insured accounts are lost we all have bigger problems.
At 2.5mm you’d still be fine at 4%. Six figure salary for doing jack squat.
Of course, not everyone can budget and they might burn into their principle. But, like, don’t do that. 🤷
Sure but inflation will eat into that over time. The point of the market approach is you can withdraw that amount in real dollars for 30 years after accounting for interest and inflation
That’s a good point. I think that’s why most financial advice recommends a mixed portfolio. Index funds that follow the market, but also like bonds and safer things.
If I luck into seven figures of money, I think I’d hire a professional to give advice. Or at least do a lot of research.
I could have an identical quality of life to what I have now with £1.2M
You can get 4% from a high yield savings account. That’s insured.
For now, but you make a solid point. It depends on one’s risk threshold, but I appreciate you adding that in.
That’s just break even purchasing power. In USA, invest $1000 at 4% earns $40. Federal and State taxes will take $10. The remainder will be dissolved by 3% inflation. And when you go to spend it, sales tax pushes your ‘yield’ into the negative.
4% isnt the easy street it appears to be.
Yes, that’s why it’s the worst case scenario in this discussion.
Yields are down a bit right now, unless you’re willing to go with a sketchy, not sure if FDIC insured “bank.”
Currently I’m seeing rates of around 3.5%, or 3.63 APY.
If you look at internet saving banks they have yields up to 4.4% right now.
Betterment offers 4%, insured up to $2m. I think you can go higher with a refer-a-friend , but that program might be over.
Thats why you’re not rich. You have to be monomanic to keep wanting more money
Most of getting that rich is choosing the right parents.
Also true
9mil is only a abay yacht, gotta get a bigger yacht!
Wanna hate this guy even more:
- He was so old, he couldn’t actually be Target’s CEO and the board had to make an exception to let him continue working there. What was that about DEI?!
- Back in the COVID years when Target was doing gangbusters, they “adjusted” their bonus expectations and gave everyone who worked their peanuts while having the third best year on paper.
- Target has been secretly laying off entire teams every month and offshoring, just under the limit to not actually have to announce it publicly.
Source: a buddy of mine who works there that’s super pissed, but won’t really leave because he makes $200k/yr. He’s riding till it dies.
Likes DEI when it suits, it seems.
It’s always “Fuck you, I got mine.” All these white women that complain about DEI despite being the ones that benefited the most from DEI are just stupid.
What kind of work does he do for them for 200k?
Would be nice if he lost it all
Ay, old Chico is my jam. Haven’t had it in a minute. I just looked it up and Total wine and more has it. I might have to make a journey to go get it. Haven’t had it since I lived in the city of trees.
The only bit of the title I can fully get behind is this:
Target CEO.
Target CEO 🎯🎯Greedy pricks like this should live in fear.
