Richard H. Gomez
TARGETAbout Richard H. Gomez
Executive Vice President and Chief Commercial Officer at Target (joined 2013; promoted to EVP in 2017), overseeing multicategory merchandising, owned brands, insights, and merchandising capabilities; prior roles include Chief Marketing Officer, Chief Marketing/Digital/Strategy Officer, and Chief Food & Beverage Officer, with board service at The Wendy’s Company and the National Museum of the American Latino; B.A., Dartmouth College (https://corporate.target.com/about/purpose-history/leadership/rick-gomez#:~:text=Prior%20to%20joining%20Target%2C%20Rick) (https://www.wendys.com/who-we-are/board-directors/richard-gomez). Target’s FY2024 performance context for incentive plans: comparable sales +0.1%, ROIC 15.4%, Adjusted EPS change -0.9%; PSUs for the 2022–2024 cycle paid at 61.6% of goal and PBRSUs paid at 100% based on relative peer performance .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Target | EVP & Chief Commercial Officer | Jul 2024–present | Leads multicategory merchandising, owned brands, insights; expanded Target Circle and assortment strategy (https://corporate.target.com/about/purpose-history/leadership/rick-gomez#:~:text=Rick%20Gomez%20is%20executive%20vice) (https://fortune.com/ranking/most-powerful-rising-executives/2024/rick-gomez/). |
| Target | EVP & Chief Food, Essentials & Beauty Officer | Feb 2024–Jul 2024 | Oversaw FE&B categories integration prior to CCO (https://www.wendys.com/who-we-are/board-directors/richard-gomez). |
| Target | EVP & Chief Food & Beverage Officer | Feb 2021–Feb 2024 | Repositioned Target as leading food destination; growth in Good & Gather/Favorite Day (https://corporate.target.com/about/purpose-history/leadership/rick-gomez#:~:text=From%202021%20to%202024%2C%20Rick). |
| Target | EVP Chief Marketing, Digital & Strategy / EVP CMO | 2017–2021 | Led 2017 strategy reset and launched Target Circle (2019) (https://corporate.target.com/about/purpose-history/leadership/rick-gomez#:~:text=As%20chief%20marketing%2C%20digital%20and). |
| MillerCoors | VP Brand Marketing | 2009–2013 | Led brand marketing for major beverage portfolio (https://www.wendys.com/who-we-are/board-directors/richard-gomez). |
| PepsiCo | CMO, non‑carbonated beverages; other roles | 2007–2009 | Drove portfolio strategy in hydration/NCB (https://www.wendys.com/who-we-are/board-directors/richard-gomez). |
| Quaker Oats | Brand Management | Early career | Foundation in CPG brand building (https://corporate.target.com/about/purpose-history/leadership/rick-gomez#:~:text=He%20began%20his%20career%20in). |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Wendy’s Company | Director | Nov 2021–present | Board member; CCO at Target since 2024 (https://www.wendys.com/who-we-are/board-directors/richard-gomez). |
| Smithsonian National Museum of the American Latino | Board | Ongoing | External board service (https://corporate.target.com/about/purpose-history/leadership/rick-gomez). |
Fixed Compensation
| Metric | FY2024 | Notes |
|---|---|---|
| Base salary | $764,423 | SCT “Salary” for FY2024. |
| STIP (team scorecard) – actual | $214,421 | Reported in “Bonus” column (team scorecard component). |
| STIP (financial component) – actual | $419,974 | Reported in “Non‑equity incentive plan compensation” column. |
| All other compensation | $162,478 | Company matching ($71,955), life insurance ($15,480), perquisites ($75,043) . |
Performance Compensation
| Element | Metric | Weighting | Target | Actual/Payout | Vesting/Term |
|---|---|---|---|---|---|
| STIP – Financial | Merchandise Sales | 50% of financial component | Part of $512,163 target STIP | Portion of $419,974 payout | Cash, paid after FY close . |
| STIP – Financial | Incentive Operating Income | 50% of financial component | Included in target | Portion of $419,974 payout | Cash, paid after FY close . |
| STIP – Team scorecard | Strategic priorities | 33% of total STIP | Part of overall STIP | $214,421 payout | Cash, paid after FY close . |
| PSUs (2024 grant) | Adjusted Merchandise Sales CAGR, EPS CAGR, ROIC vs retail peers | 3 metrics equally weighted | 9,060 target shares; grant-date FV $1,500,064 | Earnout 0–200% based on relative ranks | 3-year cliff vest; settlement within ~90 days of certification . |
| PBRSUs (2024 grant) | Relative 3-year TSR vs retail peers | Adjust ±25 pts if top/bottom third | 6,040 target shares; grant-date FV $1,128,695 | Earnout 75–125% of goal based on TSR ranking | 3-year cliff vest; settlement as above . |
| PSU/PBRSU 2022–2024 payout (context) | Relative peers | — | — | PSUs: 61.6%; PBRSUs: 100% of goal | Cycle ended Feb 1, 2025 . |
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Stock ownership guidelines – Non‑CEO NEOs | 3× base salary | Applies to Gomez. |
| Gomez guideline compliance multiple | 17.0× salary (as of Apr 9, 2025) | Total shares for guidelines: 135,246 (RSUs & PBRSUs: 18,312; other shares: 116,934) . |
| Beneficial ownership | 116,934 shares | “Other shares held” in beneficial ownership table. |
| Shares issuable within 60 days | 0 | No short-term issuable RSUs recorded for NEOs. |
| Outstanding equity (selected) | 2023 PSUs/PBRSUs: 25,596 unearned shares ($3,529,944); 2024 PSUs/PBRSUs: 17,159 unearned ($2,366,398) | Market value at Year-End Stock Price; amounts reflect target/max logic in footnote . |
| Anti-hedging/pledging policies | Prohibited; all in compliance | Applies to Leadership Team and Board. |
Employment Terms
| Provision | Details |
|---|---|
| Employment contracts | None for NEOs . |
| Severance (ICP) | Up to 2× (base + avg of last 3 years STIP), paid over 24 months; plus $30,000 outplacement; subject to release and post-employment covenants . |
| Change-in-control | Double-trigger required; PSUs/PBRSUs vest at 100% of goal upon qualifying termination; RSUs 100% vest . |
| Retirement eligibility | Gomez is “Retirement Eligible NEO” for PSUs & PBRSUs; vesting-extension provisions allow payout based on Earned Payout with age/service criteria . |
| Clawbacks | Broad clawback for misconduct causing material harm or restatement; separate SEC/NYSE clawback for restatements . |
| No tax gross-ups | Confirmed . |
| No option repricing/exchange | Without shareholder approval . |
Potential Payments Upon Termination or Change-in-Control (FY2024 assumptions)
| Scenario | ICP Severance | PSU Vesting | PBRSU Vesting | Life Insurance | Excess LTD | Total |
|---|---|---|---|---|---|---|
| Voluntary termination | $0 | $0 | $1,257,050 | $0 | $0 | $1,257,050 |
| Involuntary w/o cause or good reason | $2,893,563 | $0 | $628,594 | $0 | $0 | $3,522,157 |
| Death | $0 | $0 | $1,257,050 | $3,000,000 | $0 | $4,257,050 |
| Disability | $0 | $0 | $1,257,050 | $0 | $420,000 | $1,677,050 |
| Change-in-control (no termination / with qualifying termination) | $0 / $2,893,563 | $0 / $2,513,410 | $0 / $1,675,882 | $0 | $0 | $0 / $7,082,855 |
Deferred Compensation
| Item | FY2024 |
|---|---|
| Executive contributions | $247,852 |
| Registrant contributions | $54,474 |
| Aggregate earnings | $278,865 |
| Aggregate withdrawals/distributions | ($485,718) |
| Aggregate balance at FYE | $1,634,935 |
Compensation Structure and Peer Benchmarking
- Annual mix emphasizes performance: 83% of Non‑CEO NEO Annual TDC is performance‑based; 100% of LTI uses relative metrics (PSU: OMS CAGR, EPS CAGR, ROIC; PBRSU: TSR) .
- Peer groups for 2024 grants include leading retailers and general industry companies; peer lists and scale comparisons disclosed (Rite Aid removed in 2024) .
- Independent compensation consultant (Semler Brossy) advises the Committee; no conflicts; market data informed by Willis Towers Watson and Korn Ferry .
Stock Ownership & Say‑on‑Pay
| Item | Value |
|---|---|
| Say‑on‑Pay approval (2024 meeting) | 93.2% support . |
| Ownership guideline approach | Directors: 5× retainer; CEO: 7× salary; Other Leadership: 3× salary; must hold shares until compliance if below guideline . |
Performance & Track Record (recent highlights relevant to commercial remit)
- Seasonal merchandising and deal cadence expansion, including next‑day delivery expansion and weekly deals; direct quote from Rick Gomez emphasizing value and assortment breadth (https://www.prnewswire.com/news-releases/target-announces-its-2025-holiday-plans-serving-up-more-new-on-trend-affordable-gifts-and-faster-delivery-than-ever-302571991.html).
- Launch of AI‑powered features improving store navigation, gift discovery, and list scanning to lift baskets and omnichannel engagement (https://www.prnewswire.com/news-releases/target-launches-new-ai-powered-features-to-make-holiday-shopping-easier-smarter-and-more-fun-302612422.html).
Investment Implications
- Compensation alignment: High proportion of at‑risk pay tied to relative performance vs robust retail peer group and ROIC/EPS growth metrics; strong clawbacks, no hedging/pledging, and double‑trigger CIC terms reduce misalignment risk .
- Retention and selling pressure: Retirement eligibility plus vesting‑extension provisions can accelerate equity payouts upon retirement or certain separations; monitor vesting events and potential Form 4 activity given substantial outstanding PSUs/PBRSUs (42,755 potential unearned shares valued ~$5.9M at YE for 2023/2024 grants) .
- Ownership alignment: 17× salary ownership vs 3× guideline signals strong “skin‑in‑the‑game” and adherence to policies; no pledging/hedging .
- Execution signal: Public commentary and product/tech initiatives under Gomez’s remit (assortment expansion, AI features, value messaging) point to continued traffic/value levers; assess how these translate to Merchandise Sales growth and Incentive Operating Income—both key STIP drivers (https://www.prnewswire.com/news-releases/target-announces-its-2025-holiday-plans-serving-up-more-new-on-trend-affordable-gifts-and-faster-delivery-than-ever-302571991.html) .