The man who helped grow a Minneapolis department store operator into one of the nation’s largest retail chains has died.
A World War II veteran and Purple Heart winner, Douglas Dayton became Target‘s (TGT) first president in 1960, twelve years after he and his four brothers inherited control of the family business from their father. Two years later, the company was running four stores in the Minneapolis-St. Paul region, the Associated Press notes.
Dayton, who foresaw the rise of discount retail chains, stepped down as Target’s president in 1968 in order to manage its parent company. That company was later merged with Target.
In 1974, Dayton left the company and ran a venture capital firm until his retirement in 1994. The Dayton family no longer owns or controls Target, which is now a Fortune 500 company.
Wendy Dayton said that her husband passed away on Friday at the age of 88. He had suffered from cancer for some time.