Bruce B. Dayton | Executive, 97

Bruce B. Dayton, 97, the former chief executive officer of Dayton-Hudson Corp., the retailer founded by his grandfather that became Target Corp., died Friday, Nov. 13, at his home in Orono, Minn., according to an emailed statement from the office of his son, Minnesota Gov. Mark Dayton. No cause was given.

Mr. Dayton and four brothers inherited Dayton Co., a Minneapolis department store founded in 1902 by their grandfather, George D. Dayton. They started Target as a discount retailer in 1962, according to the company's website.

Mr. Dayton founded the B. Dalton Bookseller in 1966. He named the chain after himself, though replaced the y with an l in his surname, according to On Target, Laura Rowley's 2003 book. Expanding to 779 outlets, the stores became the largest U.S. retailer of hardcover books.

Dayton Co. went public with an initial stock offering in 1967. Mr. Dayton succeeded his brother Donald as president and CEO. The company merged with Detroit-based retailer J.L. Hudson Co. in 1969 to form Dayton-Hudson Corp.

In 1970, Mr. Dayton became chairman and was succeeded as CEO by his brother Kenneth N. Dayton. Five years later, Target overtook Dayton-Hudson's traditional department stores as the company's No. 1 revenue producer.

Mr. Dayton, along with his brother Kenneth, retired from the Dayton-Hudson board in 1983, ending 80 years of direct family involvement with the company.

In 1986, the company sold B. Dalton to Barnes & Noble for a price estimated at between $275 million and $300 million, according to the New York Times.

In 2000, the company changed its name to Target Corp.

The Dayton family has a net worth of $1.6 billion, ranking 157th in the U.S., according to Forbes.

In addition to the governor, Dayton is survived by his wife, Ruth Stricker Dayton; a second son, Brandt; daughters Lucy and Anne; 11 grandchildren; and two great-grandchildren, according to the statement. - Bloomberg