Retail News Breaks
Target CFO to retire; search is on for successor
November 1st, 2011
MINNEAPOLIS – Target Corp. is looking for a new chief financial officer after announcing that Doug Scovanner, executive vice president and CFO, plans to retire early next year.
The discount store chain said Tuesday that Scovanner is slated to retire on March 31, 2012, and to help ensure a smooth transition he will continue to serve in his current role for the next five months.
Target reported that no successor to Scovanner has been named. However, the company hinted that it would look first to internal candidates in its search for a new CFO.
"Target's reputation for attracting and developing exceptional talent throughout its organization has resulted in a strong leadership bench," the retailer stated.
Scovanner has held the CFO title at Target for a dozen years. "With Target's strong core business and clear strategies for expansion, its prospects for continued profitable growth have never been brighter," he 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."
Scovanner started his career at former Target parent company Dayton Hudson Corp. in February 1994 as senior vice president of finance. He became CFO there later that year and was named to his current role as executive vice president and CFO of Target in 1999.
Prior to joining Target in 1994, Scovanner spent two years at The Fleming Cos. in Oklahoma City as senior vice president of finance. Before that, he was at Coca-Cola Co. and affiliates for 12 years, the last five years as vice president and treasurer of Coca-Cola Enterprises.
"Throughout his tenure with the company, Doug has been a valuable partner in developing and executing our strategy," stated Gregg Steinhafel, chairman, president and chief executive officer of Target. "He has made many significant contributions to Target, and as a result of his financial leadership Target continues to deliver outstanding sales and earnings growth and generate superior returns for our shareholders. I am grateful that we will continue to benefit from his experience and expertise during this extended transition timeframe."
For its most recently completed quarter, the fiscal 2011 second quarter ended July 30, Target saw net earnings climb to $704 million, or $1.03 per share, from $679 million, or 92 cents per share, a year earlier. Sales rose 5.1% year over year to $15.9 billion from $15.1 billion, and same-store sales were up 3.9%. The retailer is scheduled to report third-quarter financial results later this month.
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