Target holds annual meeting, CEO hopes to turn company around

Target is looking to turn around its company after a series of setbacks in recent years.  And for the first time, the company allowed cameras into its big annual meeting with employees at the Target Center on Wednesday.

Thousands of headquarters employees and store managers from across the country attended the meeting, along with performances by Luke Bryan, Shakira, Florida Georgia Line, and Imagine Dragons.

Greeted like the rock stars waiting in the wings, new Target CEO Brian Cornell went right to the message of a Target resurrection.

“It wasn't long ago people were talking about the demise of Ford, Starbucks and even Apple,” Cornell said.

Cornell and new COO Brian Mulligan both talked about improving online shopping to be easier and faster – and making sure supply always meets demand.

“So I like to say I’m focused on three key priorities in my new role, out of stocks, out of stocks, out of stocks,” Mulligan said.

Their vision of reviving the brand includes new smaller urban stores with local products and neighborhood flair.

“Whether it's in Chicago or Philadelphia, what we're doing in Boston or now in Queens, these are really terrific locations,” Cornell said.

With stock up 30 percent, it seems investors like what Cornell is doing, in part by making it leaner which he says is needed to get rid of an old-style complexity that made the company too slow.

“The change has been tough, but I hope we all recognize it's absolutely the right thing for the business,” he said.