Retailers

Target Appoints 2 New Board Directors

Former CVS executive Derica Rice returns to the board
Photograph by WGB Staff

Target Corp. said its board of directors has elected Christine "Chris" A. Leahy, president, CEO and director of CDW, and Derica W. Rice, former EVP of CVS Health and president of CVS Caremark, as directors.

Leahy’s appointment becomes effective Jan. 1, 2021, and Rice’s appointment becomes effective Aug. 31, the Minneapolis-based mass merchant said.

Leahy is president and CEO of CDW, a leading multi-brand technology solutions provider to business, government, education and healthcare customers. Leahy joined CDW in 2002 and held a series of executive leadership roles prior to being named to her current position in January 2019, including chief revenue officer; SVP, international; chief legal officer; corporate secretary; and general counsel. Leahy also is a member of CDW’s board of directors. Prior to CDW, Leahy spent 11 years at Sidley Austin, most recently as partner. She serves on the boards of the Economic Club of Chicago, Northwestern Memorial Hospital, Junior Achievement of Chicago and Children’s Home + Aid.  

Rice is serving the Target board for a second time, having previously been director from September 2007 until January 2018. He has been assigned to the retailer's Audit & Finance Committee and the Governance Committee. 

He was EVP of CVS Health and president of CVS Caremark, the pharmacy benefits management business of CVS Health, from March 2018 through February 2020. Previously, he held various executive positions at Eli Lilly and Co., most recently EVP of Global Services and chief financial officer from 2006 to 2017. Rice is currently a member of The Walt Disney Co.’s board of directors and will join the board of directors of Bristol Myers Squibb effective Sept. 1. He previously was a member of the board of directors of Target Corp. from 2007 to January 2018.

“Chris and Derica bring broad expertise and unique perspectives that will complement the skills and viewpoints of our current board. As CEO of a premier technology company, Chris’ voice will be a welcome addition to our discussions as we continue to accelerate the growth of our business and invest in our team,” said Brian Cornell, chairman and CEO of Target.

“We’re pleased Derica is returning to the board. His deep financial acumen and leadership prowess, honed over more than 15 years in high-level positions at respected brands, will prove more valuable than ever in these challenging times,” Cornell added. “I welcome both Chris and Derica to Target and am looking forward to their insights as we focus on deepening our trust with guests and advancing our durable strategy.”

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