The latest change at Target – and there have been a number of noteworthy ones this past year – is coming to the executive suite.
As one top dog makes an exit, another finds himself stepping into a newly created role to take the helm of the bullseye's stores, supply chain and properties.
According to an announcement released Monday, current Chief Financial Officer John Mulligan – who has been with the Minneapolis retailer since 1996 – has been promoted to executive vice president and chief operating officer.
It's a big move for Mulligan, who last year served as interim president and CEO following the abrupt resignation of CEO, President and Chairman Gregg Steinhafel.
Former Pepsi exec Brian Cornell eventually took the reins and led a massive corporate streamlining effort as the company's new head; the cost-cutting included the layoff of nearly 2,000 employees and the sale of Target's pharmacy business to CVS.
Taking over for Mulligan as new CFO is Cathy Smith, whose experience includes high-ranking positions at pharmacy benefit manager Express Scripts, Walmart and GameStop.
The new COO position will "integrate" many of Target's operations, the press release indicates.
“John has unparalleled expertise in Target’s business and I am very pleased that he will be assuming this new leadership position," Cornell said. "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.”
The change will be effective Sept. 1.
Merchandising executive out
Target announced last week that Jose Barra, a "top" merchandise exec, would be leaving the company for a new position, according to the Wall Street Journal.
The publication says Barra was an executive vice president who oversaw beauty, electronics, grocery and other "large categories" of the bullseye's retail business.
In June, it was announced that Barra's boss and head of merchandising Kathryn “Kathee” Tesija would be leaving the company after nearly 30 years of service.
Target said Tesija would move into an advisory role to ensure "a smooth transition."