Michael Fiddelke, a 15-year Target veteran, has been named EVP and Chief Financial Officer, effective Nov. 1. Fiddelke will be responsible for financial planning, analysis and operations, internal audit, accounting, investor relations, treasury, tax and risk. He also will oversee the retailer’s Financial and Retail Services, including guest relations and management of financial products including Target RedCard.
Additionally, Target is filling the merchandising gap that was left by the departure of Mark Tritton, who recently assumed the CEO role at Bed Bath & Beyond. Christina Hennington and Jill Sando, two Target executives with nearly 40 years of combined experience with the company, will assume leadership of the merchandising organization. Both executives were named SVPs and General Merchandising Managers in January and they will now report directly to CEO Brian Cornell.
While Target is referring to Hennington and Sando’s new responsibilities as interim appointments, a company statement noted that this “operating structure will remain in place until further notice, and the company does not plan to initiate an external search at this time.”
Fiddelke was most recently SVP of Operations at Target, leading cross-functional enterprise initiatives spanning merchandising, supply chain, stores and guest experience. “After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” said Target CEO Brian Cornell in a statement. “With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results.”