Target names new CFO, creates COO role

In the latest executive changes at Target, Chief Financial Officer John Mulligan was appointed to chief operating officer, a newly created roll for the retailer overseeing stores, properties and supply chain.

Cathy Smith, formerly chief financial officer at Express Scripts and Walmart International, will become CFO, Target announced in a press release Monday. The changes take effect Sept. 1.

"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," CEO Brian Cornell said in a statement.

Stores, properties and supply chain were formerly overseen by separate teams. Bringing them together with Mulligan's new position is "foundational to delivering a guest experience that is consistent across channels," says Target spokeswoman Katie Boylan.

The management changes are the latest under Cornell as he steers the retailer with a multibillion-dollar growth strategy that is hyper-focused on merging digital and in-store experiences and strengthening the wellness and style categories, among others. Cornell took over as CEO last August. In April, Target hired Anne Dament to head its food business, a top priority in Target's strategy under Cornell. Kathee Tesija, chief merchandising and supply chain officer,  moved into an advisory roll in July, and the company is still searching for her replacement.

Mulligan has been with the company since 1996 and served as CFO since 2012. He was interim CEO for about four months last year after former CEO Gregg Steinhafel resigned in May 2014.

In March, Target announced that it would cut several thousand jobs, primarily at its Minneapolis headquarters, over the next two years as part of a cost-cutting plan.

Follow Hadley Malcolm on Twitter @hadleypdxdc.