New finance leader named at Target

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

Mulligan has been with Target for 16 years serving in various leadership roles in finance, Target.com and human resources. In his most recent role, Mulligan was responsible for treasury, internal and external financial reporting and financial operations. As EVP and CFO, Mulligan’s responsibilities will include treasury, internal and external financial reporting, financial planning and analysis, financial operations, tax, assurance, investor relations and flight services.

"John brings significant financial experience and strategic perspective to this new role,” said Steinhafel. “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 also announced that Doug Scovanner, following his retirement as EVP and CFO on March 31, will remain with the company in a part-time capacity until early November 2012. In this role, Doug will continue to 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 will ensure a seamless transition of responsibilities to Mulligan.

Following Scovanner’s retirement and to underscore the company’s commitment to pursue a sale of its credit card receivables on appropriate terms, Terry Scully, president Target financial and retail services, will report directly to Gregg Steinhafel, chairman, president and CEO of Target.

Earlier this week, Target announced that it would be in its best interest to hold off selling its credit card portfolio.