Another Target Exec Announces Plan to Depart
Target Corporation said Tuesday that Executive Vice President and Chief Financial Officer (CFO) Doug Scovanner will retire from his posts on March 31.
No successor has yet been named, and Minneapolis-based Target didn't reveal a process or timeline for naming one. The company said only that its “reputation for attracting and developing exceptional talent throughout its organization has resulted in a strong leadership bench.”
Scovanner began his career at Target's predecessor, Dayton Hudson Corporation, in February 1994 as senior vice president of finance. He became CFO later that year and added the executive vice president title in 1999.
“With Target's strong core business and clear strategies for expansion, its prospects for continued profitable growth have never been brighter,” Scovanner said in a statement. “I feel extremely fortunate to have played a role in guiding the financial and strategic direction of this company over the years and I am committed to ensuring a seamless transfer of responsibilities to my successor.”
The announcement of Scovanner's departure comes shortly after two other Target executives resigned their positions. In early October, Chief Marketing Officer Michael Francis-who had been selected to lead the retailer's expansion into Canada-abruptly left his post to join J.C. Penney Company, Inc. Then a couple of weeks ago, Target.com President Steve Eastman left the company “to pursue other opportunities.”
Target hasn't announced replacements for Francis or Eastman-both of whom left as the holiday season, an important time for Target and other retailers, approaches.
On Friday, Target announced that its stores would open at midnight on Black Friday, the biggest shopping day of the year, in an attempt to lure the early birds and secure a big slice of the holiday shopping pie; stores will stay open until 11 p.m. that day.
Target serves customers at 1,767 stores and on its Web site. It is Minnesota's second-largest public company based on revenue, which totaled $67.4 billion in its most recently completed fiscal year.