Wells Fargo CEO Stumpf joins Kovacevich on Target's board

Updated: March 11, 2010 - 9:23 PM

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Richard Kovacevich

Photo: Peter Dasilva, Associated Press

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Target Corp.'s ties to Wells Fargo & Co. just got a little tighter.

The Minneapolis-based retailer said Thursday that Wells Fargo CEO John Stumpf will immediately join its board of directors, replacing the retiring George Tamke.

At least until the end of the year, Stumpf will work alongside Richard Kovacevich, his predecessor at the helm of San Francisco-based Wells Fargo. Kovacevich will retire Dec. 31, according to a statement from Target.

Kovacevich has served on the Target board since 1996, and began an era in which the two organizations shared strategies and brands. Target grew its credit-card operations significantly while Kovacevich took to calling Wells Fargo branches "stores" and used a retail approach to serving customers.

Both Kovacevich and Tamke were reelected to three-year terms in May after a contentious proxy battle waged by activist investor and hedge fund manager William Ackman.

Tamke, a partner at the private investment firm Clayton, Dubilier & Rice, has served on the Target board since 1999. He stepped down Tuesday.

JACKIE CROSBY