Target Corporation has appointed Joe DePinto, the former President and CEO of 7-Eleven, to its board of directors.
The appointment, effective Aug. 1, is part of Target’s growth strategy under CEO Michael Fiddelke, according to a news release.
“At Target, we’re leading with merchandising authority, elevating the guest experience, accelerating technology and strengthening our team and communities to pave a new path of growth,” Fiddelke said in a statement, enumerating the four strategic priorities he shared in February, following his appointment. “Joe has spent his career relentlessly focused on the customer, empowering teams and delivering operational excellence. His perspective and experience in retail, with a particular emphasis in food and digital commerce, will be a tremendous asset to our board as we continue building momentum against our strategy.”
DePinto led 7-Eleven for 20 years through expansion and digital transformation. He has also held leadership roles at PepsiCo and Gamestop and has served on boards at Brinker International, Jo-Ann Stores and Officemax.
DePinto will serve on Target’s Infrastructure and Finance committee as well as its Audit and Risk committee.
“We’re continually focused on ensuring the board brings together the expertise and perspectives that align with the company’s strategic priorities,” said Christine Leahy, Lead Independent Director of Target’s board of directors. “Joe’s extensive experience leading growth and omnichannel innovation across retail and consumer businesses will be a valuable addition to our board as we help guide Target’s long-term success.”
Turnaround Efforts Ongoing
Following its executive shakeup earlier this year, Target showed progress in the retailer’s turnaround efforts, reporting a a 6.7% net sales increase in Q1, which ended on May 2. Comparable store sales increased by 4.7%, and digital comparable sales were up by 8.9%.
The company opened seven new locations in Q1, including its 2,000th store, and remains on track to open more than 30 new stores this year.
After Fiddelke joined Target in February, he promoted Chief Merchandising Officer Cara Sylvester and Chief Operating Officer Lisa Roath.
