MINNEAPOLIS--(BUSINESS WIRE)--Jan. 24, 2012--
Target Corporation (NYSE:TGT) today announced the promotion of John
Mulligan, senior vice president, Finance to executive vice president and
chief financial officer, effective April 1, 2012. This announcement
concludes a comprehensive search which included both internal and
external candidates. Mr. Mulligan, 46, replaces Doug Scovanner, Target’s
EVP and CFO for the past 18 years, who announced his retirement in
November 2011, effective March 31, 2012.
Mr. Mulligan has a broad range of relevant experience and extensive
knowledge of Target. During the past 16 years with the company, he has
held key leadership positions in Finance, Target.com and Human
Resources. In his most recent role, Mulligan was responsible for
treasury, internal and external financial reporting and financial
operations. As executive vice president and chief financial officer,
Mulligan’s responsibilities will include treasury, internal and external
financial reporting, financial planning and analysis, financial
operations, tax, assurance, investor relations and flight services.
Following Mr. Scovanner’s retirement and to underscore the company’s
commitment to pursue a sale of its credit card receivables on
appropriate terms, Terry Scully, president Target Financial and Retail
Services, will report directly to Gregg Steinhafel, chairman, president
and chief executive officer, Target.
"John brings significant financial experience and strategic perspective
to this new role,” said Steinhafel. “I am confident that he will sustain
the financial discipline and stewardship Target has enjoyed during
Doug’s tenure and believe John’s strong leadership and record of
performance make him a valuable addition to our Target executive team.”
In addition to his Target responsibilities, Mr. Mulligan serves on the
Finance Committee for Habitat for Humanity, the University of Wisconsin
Business School Dean’s Advisory Board and is chair of the Governance
Committee for Alliance to Make US Healthiest.
Target also confirmed today that Doug Scovanner, following his
retirement as EVP and CFO on March 31, 2012, will remain with the
company in a part-time capacity until early November 2012. In this role,
Doug will continue to support Target’s Board and executive leadership in
the development and execution of corporate strategy, including remaining
engaged in external relationships with investors, financial institutions
and ratings agencies, which will ensure a seamless transition of
responsibilities to John Mulligan.
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,767
stores across the United States and at Target.com. The company plans to
open its first stores in Canada in 2013. In addition, the company
operates a credit card segment that offers branded proprietary credit
card products. Since 1946, Target has given 5 percent of its income
through community grants and programs; today, that giving equals more
than $3 million a week. For more information about Target’s commitment
to corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
Source: Target Corporation
Susan Kahn, Media, 612-761-6735
Hulbert, Investors, 612-761-6627