Target Promotes Mulligan, Hires Outside Talent
In a year marked by change for retail giant Target, the Minneapolis-based company continued its shake up at the top with the promotion of chief financial officer John Mulligan to a newly created position.
The nearly 20-year veteran with the company is assuming the role of executive vice president and chief operating officer as of September 1. In his place, CEO Brian Cornell is tapping Cathy Smith, a former Express Scripts and Walmart executive.
“John has unparalleled expertise in Target’s business and I am very pleased that he will be assuming this new leadership position,” Cornell said in a statement. “[He] will put Target on a more progressive path to transformation.”
Mulligan started working at Target in 1996 and has been the CFO since 2012. During the summer of 2014, he was interim president and CEO after Gregg Steinhafel stepped down and before Cornell was named the new leader of the company.
Long an insular company filled with executives who were veterans within the company, Target has begun to open up under Cornell’s leadership as CEO—who himself is the first chief executive from outside the company. The hiring of Smith to the CFO position follows a trend of bringing in outsiders. Last year, he hired Jackie Hourigan Rice, a former General Motors executive, as chief risk and compliance officer and former Tesco executive Mike McNamara as chief information officer.
The company is also looking both inside and outside the company for a replacement to fill the chief merchandising officer position. Kathee Tesija, who most recently held the position, transitioned to an advisory role earlier this year.
Target announces financial results for the second quarter on Thursday.