Retail News Breaks Archives
Target promotes Mulligan to CFO
January 24th, 2012
MINNEAPOLIS – John Mulligan, senior vice president of finance at Target Corp., has been promoted to executive vice president and chief financial officer.
The discount store chain said Tuesday that the 46-year-old Mulligan will take the CFO reins on April 1.
He will replace Doug Scovanner, who has served as executive vice president and CFO at Target for the past 18 years. In November, the company announced that Scovanner planned to retire effective March 31 and that it would initiate a search for a successor. Target said Tuesday that the search included internal and external candidates.
During his 16 years with Target, Mulligan has held key leadership positions in finance, Target.com and human resources, according to the retailer. In his most recent role, he was responsible for treasury, internal and external financial reporting and financial operations.
"John brings significant financial experience and strategic perspective to this new role," Gregg Steinhafel, Target Corp. chairman and chief executive officer, said in a statement. "I am confident that he will sustain the financial discipline and stewardship Target has enjoyed during Doug's tenure and believe John's strong leadership and record of performance make him a valuable addition to our Target executive team."
Target said that after Scovanner's retirement — and to underscore the company's commitment to pursue a sale of its credit card receivables — Terry Scully, president Target Financial and Retail Services, will report directly to Steinhafel.
Following his retirement on March 31, Scovanner is slated to continue with the company in a part-time capacity until early November, Target added. In that role, he will support Target's board and executive leadership in the development and execution of corporate strategy, including remaining engaged in external relationships with investors, financial institutions and ratings agencies, which the retailer noted will ensure a smooth transition of responsibilities to Mulligan.