Target has promoted CFO John Mulligan to the newly created role of Executive Vice President and Chief Operating Officer. In this role, Mulligan will oversee stores, the supply chain and properties. Cathy Smith, EVP and CFO of pharmacy benefit management organization Express Scripts, has been selected to replace Mulligan as EVP and CFO of Target. Both appointments are effective Sept. 1, 2015.
Mulligan and Smith will report to Target Chairman and CEO Brian Cornell. Mulligan will serve as an advisor to Smith during her transition into the company and her new role.
Prior to joining Target, Smith was CFO at Walmart International and GameStop. As CFO at Target, Smith’s responsibilities will include: Treasury and Tax; Internal and External Financial Reporting and Operations; Financial Planning and Analysis; Internal Audit; Investor Relations and Target’s Financial and Retail Services Business.
Mulligan has worked with Target since 1996, and has been acting CFO since 2012. From May to August 2014, he served as the retailer’s interim President and CEO while continuing to act as CFO. For nearly a decade, Mulligan has served in numerous leadership positions in finance and human resources, including Director of Target.com Finance, Director of Capital Investments, VP of Pay and Benefits, VP of Financial Planning and Analysis and SVP of Treasury and Accounting.
“Integrating operations will help further fuel Target’s transformation and as COO, I’ll prioritize driving improvements in the fundamental areas of our business and equipping the team to move quickly,” Mulligan said. “By working strategically across the enterprise, we will build on the critical capabilities that will fuel Target’s differentiation in the marketplace. Achieving operational excellence is foundational to Target’s long-term success.”