Target's president of financial services to retire; deal with TD Bank closes

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Target's president of Financial and Retail Services, Terry Scully, plans to retire in March 2014, according to a company news release. Scully, 60, will move to an advisory role starting next month to ensure "a smooth transition for our financial services operations."

“For nearly 35 years, Terry has been a valuable member of this Target team,” said CEO Gregg Steinhafel, in a statement. “And, for the past decade, Terry’s leadership and his vision have led to the creation of an exceptional suite of financial products and services, which were critical in strengthening guest loyalty and delivering substantial profitable growth. I appreciate his many contributions and am grateful that Target will continue to benefit from Terry’s expertise during this transitional period.”

Scott Kennedy, Target's vice president of Pay and Benefits, will take over the roll. Kennedy, 44, joined Target in 2005.

The Minneapolis-based retail giant has also closed its nearly $6 billion deal, first announced last fall, to sell its consumer credit card portfolio to Toronto-based TD Bank Group, the company said in a separate news release.

"We’re pleased that we’ve completed the sale of our credit card portfolio," CEO Steinhafel, said in a statement. "We look forward to working with TD Bank Group, a premier financial institution, to provide innovative financial products to our guests and profitably grow the portfolio over time."

Meanwhile, the Associated Press says Target Corp. has added the CEO of St. Paul-based Ecolab Inc., Douglas Baker, and the COO of Yahoo Inc., Henrique De Castro, to its board of directors.

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