Discount-store operator Target Corp. (TGT) announced Tuesday the promotion of John Mulligan to executive vice president and chief financial officer, effective April 1, 2012. Mulligan succeeds Doug Scovanner, who announced in November 2001 his intention to retire on March 31, 2012.
The promotion of Mulligan to CFO concludes a comprehensive search of both internal and external candidates for the position.
"John brings significant financial experience and strategic perspective to this new role. 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," Chairman, President and CEO Gregg Steinhafel said in a statement.
Scovanner has been serving as Target's executive vice president and CFO for the past 18 years since 1999, after he was named CFO in late 1994. He joined Target's predecessor company Dayton Hudson Corp. in February 1994 as senior vice president of finance.
Minneapolis, Minnesota-based Target noted that Scovanner has agreed to assist the company in a part-time capacity until early November 2012, including helping in the development and execution of corporate strategy.
In his new role, Mulligan' will be responsible for treasury, internal and external financial reporting, financial planning and analysis, financial operations, tax, assurance, investor relations and flight services.
Mulligan, aged 46, was most recently serving as the senior Vice President of treasury and accounting. Mulligan has held several key leadership positions in Finance, Target.com and Human Resources in his past 16 years with the company.
Last week, Target temporarily suspended efforts to sell its credit card receivables portfolio, noting that finalizing a transaction at this time was not in the company's best interests. However, Target added that it remains committed to selling the credit-card receivables portfolio on appropriate terms and expects to re-engage in talks with a limited number of potential partners later in 2012.
Following Scovanner's retirement, the company said Terry Scully, president of Target Financial and Retail Services, will report directly to CEO Steinhafel, in order to underscore the company's commitment to pursue a sale of its credit card receivables on appropriate terms.
In Tuesday's regular trading session, TGT is currently trading at $50.11, down $0.04 or 0.08 percent on a volume of 0.22 million shares.
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