Amid all the fallout from Target’s decision to cut 1,700 Twin Cities job, another cost-cutting measure has flown under the radar.
The use of Target’s corporate jet is an area where the retail giant has been saving money for the past several months, according to documents filed with the Securities and Exchange Commission Friday.
But the news isn’t going to improve the mood of any of the victims of last week’s layoffs, as the document shows that personal use of the jet by CEO Brian Cornell has been capped – at $175,000 a year.
So if Cornell uses the jet for personal getaways and the annual cost is more than that amount, he’ll have to pay out of his own pocket.
According to the Pioneer Press, Cornell earns around $9 million a year from Target, but the cap was agreed upon when he became CEO last summer. Target said use of the jet under former CEO…
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