Target Promotes John Mulligan to CFO

Target, a global retailer, has promoted John Mulligan, senior vice president (SVP), finance to executive vice president (EVP) and chief financial officer (CFO), effective 1 April 2012. Mulligan replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011, effective 31 March 2012. 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.

Mulligan has a broad range of relevant experience and extensive knowledge of Target. During the past 16 years with the company, he has held key leadership positions in finance, and human resources (HR). In his most recent role, Mulligan was responsible for treasury, internal and external financial reporting and financial operations.

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 chief executive officer (CEO), Target.

In addition to his Target responsibilities, Mulligan serves on the finance committee for Habitat for Humanity, the University of Wisconsin Business School dean’s advisory board and is chair of the governance committee for Alliance to Make US Healthiest.

Target also confirmed today that Scovanner, following his retirement as EVP and CFO, will remain with the company in a part-time capacity until early November 2012. In this role, he 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 John Mulligan.


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