Target's former CFO was promoted to a newly created leadership role—exec-VP and COO. John Mulligan (right) will assume the COO role on Sept. 1, and Cathy Smith was hired to replace Mulligan as exec-VP and CFO.
In the COO position, Mulligan will be responsible for store oversight, supply chain and properties. The creation of a COO role comes two months after Target's former chief merchandising and supply chain officer—and 30-year Target veteran—Kathee Tesija, stepped down and moved into an advisory role.
Mulligan has worked for Target since 1996, when he joined as a financial analyst. Mulligan was CFO for three years and served as interim president and CEO from May to August last year.
COO joins a growing list of leadership titles Mulligan has had at Target. Other positions include director of Target.com Finance, director of capital investments, VP of bay and benefits, VP of financial planning and analysis, and senior VP of treasury and accounting.
Replacing Mulligan as CFO, Smith is an outside hire who joins Target after being exec-VP and CFO at Express Scripts. She was also CFO at Walmart International and GameStop.
Smith will oversee treasury and tax; internal and external financial reporting and operations; financial planning and analysis; internal audit; investor relations; and Target's financial and retail services business.
"John has unparalleled expertise in Target's business and I am very pleased that he will be assuming this new leadership position," said Target Chairman and CEO Brian Cornell. "Bringing together key operations functions under John will put Target on a more progressive path to transformation and help us break down barriers to deliver improvements across our business.
"As our new CFO, Cathy brings significant business and retail expertise to Target. Her background will be integral to accelerating our long-term growth strategy."
Both Mulligan and Smith will report to Cornell. Press Release