Target Corporation (NYSE:TGT) CEO Brian Cornell will be receiving a massive pay cut, according to reports.

The reason behind the pay cut revolves around the fact that the boss failed to lead the company towards its financial goal in its latest year, which saw its sales and share price take a hit.

Target reported in February a fourth-quarter sales drop that was steeper than expected, admitting to analysts that the company’s sales and profit expectations it set out for itself were too high.

All in all, Cornell’s cash-and-stock compensation dropped by about a third to $11.3 million, according to a document that regulators filed two months after the company unveiled results, which sent TGT stock down to its lowest points in two and a half years.

Back in 2014 when Cornell became the Target CEO, his total compensation tallied up to $28.2 million, 97% of which came in stock awards. By 206, his stock component had fallen 65% to $9.7 million.

Meanwhile, Chief Financial Officer Cathy Smith saw her compensation fall 41.3% to $4.4 million for the year.

TGT shares grew a fraction of a percentage Monday.