Mulligan to Succeed Scovanner as Target CFO

MINNEAPOLIS — Target Corp. here said Tuesday it has promoted John Mulligan to the post of executive vice president and chief financial officer, effective April 1.

Mulligan, whose current title is vice president, finance, will succeed Doug Scovanner, who has held the CFO post for 18 years. Scovanner said in November he plans to retire on March 31.

Target said Tuesday he will remain with the company in a part-time capacity through November, remaining engaged in external relationships with investors, financial institutions and ratings agenices, "which will ensure a seamless transiton of responsibilities to Mulligan," Target said in a prepared statement.

Mulligan, 46, has been with Target for 16 years, working in finance, Target.com and human resources. As senior vice president, finance, he is responsible for treasury, internal and external financial reporting and financial operations.

"John brings significant financial experience and strategic perspective to this new role," said Gregg Steinhafel, chairman, president and chief executive officer. "I am confident he will sustain the financial discipline and stewardship Target has enjoyed during Doug's tenure."