Biz People

Ulrich to quit as Target CEO

Target Corp said on Wednesday that Bob Ulrich would retire as the discount retailer's chief executive as of May 1 and remain chairman through the end of the 2008 fiscal year.

Ulrich, who will reach the company's mandatory retirement age of 65 in April, will be succeeded as CEO by President Gregg Steinhafel, a 28-year Target veteran.

"It's a very natural progression and totally expected and shouldn't really change anything," said Patricia Edwards, a Seattle-based portfolio manager at investment management firm Wentworth, Hauser and Violich.

Edwards said she met Target management in late August and remembers Ulrich commenting that he wouldn't be with the company forever.

"It was obvious to me that this announcement was coming within the next year," she added.

The No 2 US discounter behind Wal-Mart Stores Inc is trying to boost sales as middle-income US shoppers grapple with rising gasoline costs and a crumbling housing market.

Last month, Target cut its expectation for December sales at stores open at least a year, warning that they would fall short of levels needed to achieve fourth-quarter per-share earnings growth.

Greenberg rules out AIG moves

Former American International Group Chief Executive Maurice "Hank" Greenberg (above right) said on Wednesday that a group he represents does not intend to solicit proxies from AIG shareholders, buy more AIG shares, or start a tender offer for the company.

Greenberg, in a filing with the US Securities and Exchange Commission, also said the group would retain a financial adviser to evaluate its investment in AIG, the world's largest insurer.

Greenberg is AIG's largest single shareholder, owning more than 12 percent of its stock through companies he controls.

His latest filing represents a turnaround from his November 2 SEC statement, when he said he was seeking "strategic alternatives" for his former company, which had been pummeled in the market because of its subprime exposure.

A spokesman for Greenberg had no immediate comment.

"He is certainly backing off from his aggressive stance," said Donald Light, an analyst with Celent LLC. "It sounds like he may be looking to divest his shares."

Some analysts suggested that AIG might even be a buyer of the 300 million shares that Greenberg owns or controls through private companies where he is the chairman or chief executive.

AIG, which has been in long-running court battles with Greenberg since he was ousted as chief executive in February 2005, recently went to court to seek control of 9 percent of those shares, claiming they were supposed to be used as compensation for its employees.

Blair to join JPMorgan

Former British prime minister Tony Blair (right) yesterday joined US bank JPMorgan Chase & Co Inc as a senior advisor.

JPMorgan, the third-largest US bank, said Blair will give JPMorgan Chase's CEO and senior management team advice on global politics on a part-time basis, and participate in the company's events with key clients.

"I look forward to advising them on how they approach the huge political and economic changes that globalization brings," Blair said .

Blair, a key ally of US President George W. Bush, was replaced last year by Gordon Brown as prime minister amid growing discontent over Britain's policy in Iraq.

The Financial Times in London first reported the move on its website, saying it would be the first of a series positions Blair expects to take in the private sector.

Blair's predecessor, John Major, joined a US finance company after leaving 10 Downing Street.

After leaving office, Major joined US private equity firm The Carlyle Group in 1998 amid that company's big push into Europe.

(China Daily 01/11/2008 page17)