Target is making more executive changes, promoting its chief financial officer John Mulligan to the newly created role of chief operating officer.
Mulligan, who will also be executive vice-president, assumes oversight of stores, supply chain and properties and he’ll help CEO Brian Cornell revamp Target. Cathy Smith, a seasoned retail executive, was named to replace Mulligan as CFO.
Monday’s changes come nearly two months after the Minneapolis retailer said Kathyrn Tesija, an executive vice-president, would shift to a strategic advisory role until she leaves the company in April.
Mulligan and Smith will report to Cornell, who since taking over last August has been trying to reshape Target as a more nimble retail force. Cornell is investing in ecommerce and expanding Target’s small format stores as it tries to reclaim its position as a “cheap chic” retailer. Target is placing a heavy emphasis on fashion, children’s goods as well as products for the home, and it’s bringing more organic, natural, gluten-free and locally produced food to its grocery aisles.
“Bringing together key operations functions under John will put Target on a more progressive path to transformation and help us break down barriers to deliver improvements across our business,” Cornell said it a statement. “As our new CFO, Cathy brings significant business and retail expertise to Target. Her background will be integral to accelerating our long-term growth strategy.”
Mulligan joined Target in 1996 as a financial analyst. He has been CFO since 2012. From May until August last year, he also became interim CEO after the abrupt departure of CEO Gregg Steinhafel.
Smith, who formally joins Target on Sept. 1, was CFO at Express Scripts of St. Louis, the nation’s largest pharmacy benefits manager. She served in the same position at Walmart international, GameStop and others.
Target reports second-quarter results Wednesday.
