Pak will oversee Target’s enterprise strategy development and retail innovation, and he will serve as a member of the retailer’s leadership team.
“Minsok brings deep business acumen and proven leadership capabilities to Target,” remarked Brian Cornell, Target’s chairman and chief executive officer. “Throughout his career, he has counseled numerous companies and led through significant times of change. He brings strategic vision, an innovative spirit and an ability to address complex business challenges by capturing near-term opportunities and charting a course for the future. As we build an even better Target for tomorrow, we must plan purposefully to drive growth and continue instilling innovation in every part of our business. I am confident Minsok is the right leader to fill this critical role.”
Over the past two decades Pak has held leadership roles at McKinsey & Co. He led the firm’s digital transformation group and was in charge of its internal digitization initiative. While at McKinsey, Pak worked with leading global retail and consumer companies, and was dispatched to LG Electronics, where he served as global executive vice president and chief strategy officer. At LG, Pak worked with the CEO and executive team to develop a new corporate strategy, and he led the company’s M&A and business development efforts.
Pak worked earlier as a managing director at private equity firm Actium Corp. and as senior vice president for LEGO Retail at the LEGO Group. In this role, Pak was responsible for leading LEGO’s branded retail channel, including more than 250 stores and e-commerce sites across 24 markets.
“Target has a legacy of innovating within the retail space, including their unique design partnerships, compelling brand portfolio and investments in the shopper experience. I’ve long admired the company’s enviable brand positioning and loyal following,” Pak commented in a statement. “I aim to build on that foundation, developing strategies for the future that drive innovation across the entire company and focus on further enhancing the guest experience, fueling growth and ultimately positioning Target to succeed in a dynamic retail environment. I look forward to working with Brian and the Target team to accelerate the work already under way.”
Pak told the Target blog “A Bullseye View” that he is a triathlete. “Training for and competing in long-distance triathlons forces you to have a long-term goal, to make difficult trade-offs, execute with discipline and adapt when variables change,” he explained. “I’ve also learned not to put boundaries on myself. I believe we are often our worst enemy because we self-impose limits on what we can accomplish.”