MINNEAPOLIS–Target has promoted John Mulligan, currently senior vice president of finance, to executive vice president and chief financial officer, effective April 1.
A 16-year veteran of the mass merchant, Mulligan will succeed Doug Scovanner, who announced that he would retire in November 2011. Scovanner had served in these roles for the past 18 years. Mulligan will assume responsibility over Target’s treasury functions, internal and external financial reporting, financial planning and analysis, financial operations, tax, assurance, investor relations and flight services.
Target also said after Scovanner’s retirement, Terry Scully, president of Target financial and retail services, will report directly to Gregg Steinhafel, chairman, president and CEO. The retailer said this is to underscore its commitment to sell its credit card receivables. Scovanner will remain with Target in a part-time capacity until early November.