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Target Corp. said yesterday that CEO Brian Cornell has re-upped for three more years in the job, which will take him past the company's mandatory retirement age of 65.

The Wall Street Journal writes that "the decision keeps the 63-year-old at the helm of the company, which has slashed its financial forecasts several times this year after misjudging demand and being stuck with excess inventory. Target shares have fallen nearly 30% this year … The retailer joins other companies, including 3M Co. and Merck Co., that in recent years have relaxed or removed mandatory retirement ages for chief executives. Last year, Boeing Co. said it was raising the retirement age for CEO David Calhoun to 70 from 65 so he could stay in the role.

KC's View:

I'm a little conflicted about this philosophically.  I do think it is important to infuse companies with younger and more diverse DNA, and when older guys don't leave, it sort of clogs up the executive supply chain.

But … speaking as someone who would be out of a job if MNB had a mandatory retirement age of 65, I also think that there are a lot of folks who aren't nearly ready to give up being productive when they hit that age.  (Thank goodness I write the MNB rules.)