Target Announces CFO's Retirement, Leadership Team Changes

Target has announced the retirement of CFO Cathy Smith, who joined the company in 2015, among several other changes to its corporate leadership team.

Smith will continue as CFO until her successor is named, after which she will become an advisor through May 2020, helping ensure a smooth transition. Target is currently conducting a comprehensive internal and external search for her replacement, and a search firm has been retained to help with the process.

"On behalf of our board of directors and Target's entire team, I want to thank Cathy for her leadership and valuable contributions since joining the company in 2015," said Brian Cornell, chairman and CEO of Target. "Cathy's deep expertise and leadership helped usher in strategic change for Target and positioned us for sustainable, long-term growth. I appreciate the role Cathy will continue to play as we identify a successor and manage a seamless transition."

Added Smith: "I'm proud of the team's accomplishments and all the progress we've made. I am excited about what is in store for Target and myself as I plan for retirement, including freeing up more time for my family. As we look ahead to 2019, Target is in a position of strength and poised to continue building on its momentum."

Additional changes, all effective immediately, to the leadership team involve:

• Stephanie Lundquist, who becomes president of food and beverage after holding the role of chief human resources (HR) officer since 2016. She will oversee the full spectrum of merchandising and operations for food and beverage, including strategy development and implementation. Lundquist and the newly integrated team will focus on accelerating progress, strengthening cross-functional alignment and driving operational excellence throughout the enterprise. She joined Target in 2005 and brings enterprise leadership and operations experience to her new role. She will remain a direct report to Cornell and a member of the company's leadership team.

• Melissa Kremer, who becomes chief HR officer after holding the role of SVP of HR. She will take on leadership of the enterprise-wide HR strategy for Target's 350,000 team members globally. Kremer, who has been with Target since 2004, has led HR strategy and operations; HR business partnership, including support of Target's largest commercial businesses; and the talent management functions of recruiting, learning, leadership development and strategic workforce planning. She will join Target's leadership team and report to Cornell.

• Katie Boylan, SVP, communications, has been named chief communications officer, with oversight of internal communication, corporate and brand communication, public affairs, and crisis and issues management. She will report to the CEO. Boylan, who joined Target in 2011, brings 20 years of experience to her role, including work with multiple national consumer brands.

• Mike McNamara, who will lead the enterprise data analytics and business intelligence team in addition to his current job leading technology services as CIO. Under his leadership, the team will continue to provide data-driven counsel and expertise to enterprise business partners. McNamara joined Target in 2015 after holding various roles with European-based retailer Tesco and has transformed Target's approach to its information technology strategy, team and operating systems.

• Rick Gomez, who moves from chief marketing officer to chief marketing and digital officer, and will now lead Target's digital team, focusing on its important role in personalization, loyalty and the overall shopping experience. He joined Target in 2013 and became chief marketing officer in 2017, with a focus on strengthening Target's brand positioning and driving the business. Prior to Target, Gomez held various roles at MillerCoors, PepsiCo and the Quaker Oats Co.

Also today, Target said it is expecting to record 2018 as its fifth consecutive year in which digital sales grew more than 25 percent. The grocer claims to be on track to deliver its strongest full-year comparable-sales growth since 2005

Minneapolis-based Target Corp. operates 1,800 stores and its ecommerce site, Target.com. The company is No. 13 on Progressive Grocer's Super 50 list of the top grocers in the United States.