Target Names Newly Created Chief Operating Officer Role, Chief Financial Officer

Target Corporation has promoted John Mulligan to the newly created role of executive vice president and chief operating officer. Mulligan will assume oversight of stores, supply chain and properties. Joining Target as executive vice president and chief financial officer will be Cathy Smith, a seasoned retail business leader. Both Mulligan and Smith will report to Target’s chairman and chief executive officer, Brian Cornell. “John has unparalleled expertise in Target’s business, and I am very pleased that he will be assuming this new leadership position. Bringing together key operations functions under John will put Target on a more progressive path to transformation and help us break down barriers to deliver improvements across our business,” says Cornell. “As our new CFO, Cathy brings significant business and retail expertise to Target. Her background will be integral to accelerating our long-term growth strategy.” Mulligan has worked at the Minneapolis-based company since 1996, when he began as a financial analyst. He has served as the company’s chief financial officer since 2012. In 2014, he led the company as the retailer’s interim president and CEO from May to August while continuing to act as CFO. Throughout his tenure at Target, Mulligan has served in key leadership positions in finance and human resources, including director of target.com finance, director of capital investments, vice president of pay and benefits, vice president of financial planning and analysis, and senior vice president of treasury and accounting. “Integrating operations will help further fuel Target’s transformation and as COO, I’ll prioritize driving improvements in the fundamental areas of our business and equipping the team to move quickly. By working strategically across the enterprise, we will build on the critical capabilities that will fuel Target’s differentiation in the marketplace. Achieving operational excellence is foundational to Target’s long-term success,” says Mulligan. Mulligan will also serve as an advisor to Smith throughout her transition into the company and the role. Smith will formally join the company on Sept. 1. “I have a tremendous amount of respect and admiration for the Target brand and the team behind it. I look forward to continuing Target’s strong record of financial management and playing an active role as Target makes gains on its long-term strategic plan,” says Smith. Prior to joining Target, Smith served as executive vice president and chief financial officer at St. Louis-based Express Scripts, a Fortune 20 company and the nation’s largest pharmacy benefit manager with $100 billion in revenue. She has also held CFO positions at Walmart International, GameStop and others. As CFO at Target, Smith’s responsibilities will include treasury and tax; internal and external financial reporting and operations; financial planning and analysis; internal audit; investor relations; and Target’s financial and retail services business.