Target's Operations Chief to Retire -- Update

By Dean Seal

John Mulligan, Target's first chief operating officer, plans to step down in February and formally retire from the retailer a year later.

Target said in a securities filing Tuesday that Mulligan has provided notice of his intention to leave the C-suite this coming February.

At that time, he is expected to transition into a strategic adviser role and serve as a non-executive officer until February 2025.

The material terms of Mulligan's strategic adviser agreement will be disclosed once they are finalized, Target said.

Mulligan was serving as Target's chief financial officer when he was promoted in 2015 to the then-newly created role of chief operating officer as part of an overhaul of Target's executive team. He had served briefly as interim CEO in 2014 before Chief Executive Brian Cornell joined the company.

The COO's impending departure wasn't the only transition announced Tuesday. Target said Laysha Ward, executive vice president and chief external engagement officer, has also shared plans to retire and will transition into a strategic adviser role through April 2024.

The retailer also said it has appointed Matt Zabel to be its chief corporate affairs officer and promoted Kiera Fernandez to chief community impact and equity officer.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

October 17, 2023 08:52 ET (12:52 GMT)

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