Target Faces Leadership Changes Ahead of Holiday Season
Target’s leadership team is in the midst of some big changes. Last week, the retailer announced a successor to Chief Financial Officer, Cathy Smith after a nine-month search. Fifteen-year Target veteran, Michael Fiddelke, will take over as Executive Vice President and CFO on Nov. 1, just ahead of the 2019 holiday season.
“After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” said Target’s Chairman and Chief Executive Officer Brian Cornell. “With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results. He is respected as a highly collaborative business partner and will bring a modern approach to financial and enterprise leadership for Target.”
Fiddelke’s history with Target spans across the finance, merchandising, human resources, and operations departments, with his most recent role being Target’s Senior Vice President of Operations. As CFO, Fiddelke will be responsible for financial planning and analysis, financial operations, internal audit, accounting, investor relations, treasury, tax and risk. Additionally, he’ll oversee Target’s Financial and Retail Services, including guest relations and Target RedCard.
In the same press release, Target also announced the resignation of chief merchant, Mark Tritton, who has been with the company since 2003. He was a key component of Target’s successful turnaround with his help in leading store remodels, introducing private labels, and collaborating with big-name brands like Vineyard Vines and Hunter Boots. Tritton will transition into his new role as president and CEO of Bed Bath & Beyond on Nov 4. In the meantime, Target executives Christina Hennington and Jill Sando will assume his responsibilities and report directly to the CEO.
“Mark brought a tremendous amount of energy to his role as our chief merchant,” said Cornell. “His focus on developing the next generation of leadership, establishing a comprehensive merchandising strategy and re-energizing our owned brand portfolio are among his most meaningful contributions. Along with the entire Target team, I wish him the best. As we head into the holiday season and beyond, Christina and Jill are well positioned to lead our merchandising organization given their strong business acumen and extensive experience driving ambitious and successful merchandising strategies,” Cornell said.