New finance leader named at Target
MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.
Mulligan has been with Target for 16 years serving in various leadership roles in finance, Target.com and human resources. In his most recent role, Mulligan was responsible for treasury, internal and external financial reporting and financial operations. As EVP and CFO, Mulligan’s responsibilities will include treasury, internal and external financial reporting, financial planning and analysis, financial operations, tax, assurance, investor relations and flight services.
"John brings significant financial experience and strategic perspective to this new role,” said Steinhafel. “I am confident that he will sustain the financial discipline and stewardship Target has enjoyed during Doug’s tenure and believe John’s strong leadership and record of performance make him a valuable addition to our Target executive team.”
Target also announced that Doug Scovanner, following his retirement as EVP and CFO on March 31, will remain with the company in a part-time capacity until early November 2012. In this role, Doug will continue to support Target’s board and executive leadership in the development and execution of corporate strategy, including remaining engaged in external relationships with investors, financial institutions and ratings agencies, which will ensure a seamless transition of responsibilities to Mulligan.
Following Scovanner’s retirement and to underscore the company’s commitment to pursue a sale of its credit card receivables on appropriate terms, Terry Scully, president Target financial and retail services, will report directly to Gregg Steinhafel, chairman, president and CEO of Target.
Earlier this week, Target announced that it would be in its best interest to hold off selling its credit card portfolio.
BJ’s Wholesale Club confirms three locations
WESTBOROUGH, Mass. — BJ’s Wholesale Club is opening three new club locations, including one in Virginia and two in New York.
The stores will open in Gainseville, Va., Deer Park, N.Y., and Ithaca, N.Y.
"BJ’s is thrilled to join these three thriving communities," BJ’s Wholesale Club CEO Laura Sen said. "From prepared foods to certified organic and all-natural produce, to name brand electronics and merchandise, we’re proud to open our new locations and delight Members with our selection and convenience."
The wholesale club chain recently was acquired by Leonard Green & Partners and CVC Capital Partners.
RILA elects new members for board of directors
NAPLES, Fla. — The Retail Industry Leaders Association has appointed new members to its board of directors, including a new board chairman.
RILA said Target chairman, president and CEO Gregg Steinhafel was appointed RILA chairman of the board. Steinhafel, who previously served as vice chairman, succeeds Bill Rhodes, who currently serves as chairman, president and CEO of AutoZone.
New members also include Dollar General chairman and CEO Rick Dreiling, who will serve as vice chairman; Walgreens president and CEO Greg Wasson, who will serve as second vice chairman; VF Corp. chairman, president and CEO Eric Wiseman, who will serve as treasurer; Lowe’s chairman and CEO Robert Niblock, who will serve as secretary; and Rhodes.
In related news, Walter Robb, co-CEO of Whole Foods Market and Alan Hoskins, Energizer president and CEO were elected to the board for a two-year term.
"RILA benefits tremendously from its highly engaged and strategic board of directors. Their valuable insight into the short- and long-term issues facing the retail industry is critical to our ability to deliver on the industry’s behalf," RILA president Sandy Kennedy said.