Target announced that John Mulligan, SVP of Finance, will succeed Doug Scovanner as CFO and EVP effective April 1, 2012. Mulligan, who is 46, is a 16 year veteran of Target, with experience in Finance, Target.com, and Human Resources.
In his most current role, he was responsible for treasury, internal and external financial reporting, and financial operations. Scovanner is set to retire on March 31, 2012, but will continue to support Target in its corporate strategy on a part-time basis until November 2012.
Terry Scully, president of Financial and Retail Services, will begin reporting directly to CEO Steinhafel upon Scovanner’s retirement. This is a signal of the company’s commitment to a future sale of its credit card receivables.