comScore

Target CEO Brian Cornell Must Cut Back Annual Corporate Jet Travel to 175k

Target employees get marching orders and their new CEO must limit his use of corporate jets.

Target employees get marching orders and their new CEO must limit his use of corporate jets.

Incoming Target Corporation CEO Brian Cornell is a man of the people.

In a move that's certain to be taken as emphatic by the 1,700 employees who recently got pink slips, Target's new leader signed off on a deal limiting his use of the company's four-aircraft fleet to $175,000 annually.

With an average operating cost for private jets approximated at $4,000 per hour, Cornell will be limited to just under 44 hours of contractually-capped travel.

See also: Target Announced Total Number of Layoffs in Staff-Wide Email This Morning

In the rarified air of Target CEO travel, Cornell's agreement to a dollar cap on the use of company aircraft is actually a step down from his predecessor.

Ousted CEO Gregg Steinhafel had unlimited use of Target's fleet of planes. According to the company, Steinhafel never came close to hitting the $175,000 ceiling assumed by his replacement.

The most he accrued on Target planes was $125,000 in 2012.

Hired last summer, Cornell earns a $1.3 million base salary, but incentives could thrust his annual take to as much as $16 million.

Send tips to Cory Zurowski.