Target Promotes CFO John Mulligan To Newly Created Role Of COO

(RTTNews) - Target Corp. (TGT), America's second biggest discount-store operator, said Monday that it has promoted Chief Financial Officer John Mulligan to the newly created role of executive vice president and chief operating officer, effective September 1.

Mulligan will be succeeded as chief financial officer by Cathy Smith, who most recently served as CFO of St. Louis, Missouri-based pharmacy-benefits manager Express Scripts Holding Co. (ESRX). Smith previously held CFO positions at Walmart International and GameStop Corp.

In the newly created COO position, Mulligan will assume oversight of stores, supply chain and properties. He will also serve as an advisor to Smith throughout her transition into the Minneapolis-based company and the role.

Mulligan, a 19 year Target veteran, has served as the company's chief financial officer since 2012. He also served as the retailer's interim president and CEO from May to August last year before Brian Cornell took over.

"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," said 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."

Target also said it will report its second quarter financial results on August 19.

The latest executive changes at Target come nearly two months after the retailer said that Chief Merchandising and Supply Chain Officer Kathryn Tesija would move to a strategic advisory role on July 6. Tesija has agreed to remain employed by Target on an at-will basis until April 1, 2016.

Of late, Target has been making several changes to its business. Earlier this year, the company closed the money-losing Canadian operations. In mid-June, Target said that it has agreed to sell its pharmacy and clinic businesses to drugstore chain CVS Health Corp. (CVS) for about $1.9 billion.

Target shares are currently trading at $78.96, up 17 cents. The shares trade in a 52-week range of $57.75 to $85.81.