US' Target announces retirements & transition plans

“On behalf of the entire Target team, I want to thank Mulligan and Ward for the tremendous impact they’ve had on our team and business during their impressive careers with the company,” said Brian Cornell, chair and CEO. “I look forward to working closely with Mulligan until his retirement in 2025 and appreciate the important role he’ll play in setting his successor up for success, and I wish Ward the very best as she prepares to embark on her next chapter.”

Mulligan joined Target in 1996 as a financial analyst. During his tenure with the company, he has held a variety of leadership positions in finance, digital and human resources. This includes his time as Target’s chief financial officer from 2012-2015. Notably, Mulligan served as interim president and CEO of Target in 2014, prior to Cornell joining the company. Mulligan was promoted to his current role in 2015. As chief operating officer, he has played a critical role in the successful rollout of Target’s ‘stores as hubs’ strategy and has been a driving force behind developing and evolving the organisation’s fulfilment options, including order pickup, drive up and its same-day delivery services.

“As I prepare to retire next year, I want to start by saying thank you to the Target team, particularly our operations, store and supply chain team members. I’m humbled by the opportunities I’ve had to help grow Target into a Fortune 50 company, fortified by a long-term, durable growth strategy,” said Mulligan. “By maintaining a relentless focus on our guests, we continue to show what it looks like to adapt to meet evolving needs and a constantly changing retail landscape, all while delivering a sense of joy that’s uniquely Target. And what’s even more rewarding is the confidence I have that the best is still to come for this incredible brand.”

The company will share additional information on its succession plans for Mulligan prior to his official retirement.

Ward began her career in 1991 as a frontline team member at Marshall Field’s in Chicago, where she served as the store’s community captain and realized a career-long passion for the positive impact businesses and their employees can have on the communities around them. She spent more than two decades leading corporate responsibility and the Target Foundation. During that time, she helped pioneer Target’s partnership with St. Jude Children’s Research Hospital and the establishment of St. Jude Target House I and II, which provide free housing and support to families whose children are receiving in-patient cancer treatment, and led the organisation’s bold $1 billion pledge to education.

“First and foremost, I want to express my gratitude. It has been a great privilege to grow alongside the Target brand and team for 32 years, as we’ve expanded from $9 billion in annual revenue and fewer than 500 stores to more than $100 billion and nearly 2,000 stores,” said Ward. “This has been a shared journey of purpose, meaningful relationships and sustainable impact for our business and the community, filled with lessons I will carry with me in service to others.”

Target also announced that Matt Zabel has been named chief corporate affairs officer. Zabel will report to Cornell. Additionally, Kiera Fernandez has been promoted to executive vice president and chief community impact and equity officer. Fernandez will be a member of Target’s leadership team and report to Zabel. In her new role, she will assume external stakeholder engagement, and have oversight of the company’s diversity, equity and inclusion strategy and corporate philanthropy efforts.

Fibre2Fashion News Desk (RR)