Target Corporation

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . On November 11, 2026, the Board of Directors of Target Corporation (“Target”) elected Sally Grimes as a director of Target, effective as of December 1, 2026. Ms. Grimes was also appointed to serve on the Audit & Risk Committee and the Infrastructure & Finance Committee, each also effective as of December 1, 2026. Ms. Grimes, 55, formerly served as Chief Executive Officer, North America, at Diageo plc, a position she held from September 2023 to March 2026. From May 2020 to February 2023, she was Chief Executive Officer of Clif Bar & Company. Prior to that, Ms. Grimes held other senior leadership positions at Tyson Foods, Inc., including as Group President, Prepared Foods; President, Retail; and Chief Global Growth Officer. Ms. Grimes previously served on the board of directors of Beyond Meat, Inc. from May 2021 to May 2024. There are no arrangements or understandings between Ms. Grimes and any other person pursuant to which Ms. Grimes was selected as a director of Target. There are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between Ms. Grimes and Target. Ms. Grimes will receive the annual compensation that Target provides to its non-employee directors as described in Target’s proxy statement.