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Thousands of Target Layoffs Planned After Fired CEO Gets $61 Million Golden Parachute

How many jobs is $61 million worth?

How many jobs is $61 million worth?

Around these parts it seems like everyone knows someone who works for Target. The Business Journal estimates Target has 13,000 corporate jobs in the state; 10,000 in downtown Minneapolis alone.

Target's announcement this week that it's cutting several thousand jobs as part of a dreaded "corporate restructuring" sent shockwaves throughout the state, leaving Governor Dayton calling for an explanation.

See also: Target CEO Gregg Steinhafel Is Overpaid

As Target employees fret over their job security and downtown Minneapolis braces for the inevitable economic fallout, let's remember the guy who got fired for getting Target into this mess in the first place received $61 million in compensation on his way out the door.

Ex-Target CEO Gregg Steinhafel was fired last May. He was in charge during the retailer's disastrous expansion into Canada, a security breach that allowed hackers to obtain 40 million customers' credit card information, and the glitch-plagued launch of Target.com in 2011.

When Steinhafel was fired we ran down the litany of other embarrassments that plagued Target during his reign: a photoshop fail involving a swimsuit model's crotch, the leaking of a ludicrously racist training document that produced a discrimination lawsuit, two gaffes involving products with regrettable names being sold online within a week, controversy over Target stores opening on Thanksgiving despite worker protests, the leaking of unflattering training videos revealing how the company indoctrinates its employees, and allegations of union busting.

Not a great run, and now thousands of employees are paying the price.

Originally it was reported Target's board of directors was able to slash Steinhafel's compensation on his way out, but upon further review, his stock options, 401(k), and pension pumped the golden parachute up to a whopping $61 million.

On top of that, current CEO Brian Cornell could make up to $16 million in his first fiscal year on the job, according to the Business Journal.

How many jobs could $77 million have saved?

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