Target announces CFO's departure, executive changes

Target's finance head is leaving.

The discounter announced that CFO Cathy Smith will be retiring from the company. She will continue in her role until her successor is named and then move to an advisory role until May 2020 to ensure a smooth transition. Target has retained a search firm to help it conduct an internal and external search for its next CFO.

“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,” stated Target chairman and CEO Brian Cornell. “Cathy’s deep expertise and leadership helped usher in strategic change for Target and positioned us for sustainable, long-term growth.”

In addition, Target announced the following changes, effective immediately, to its leadership team:

• Mike McNamara, Target’s chief information officer, will now lead the enterprise data analytics and business intelligence team, in addition to his leadership of Target’s technology services. McNamara joined Target in 2015 after serving in various roles with Tesco and has transformed Target’s approach to its information technology strategy, team and operating systems, the company said.

• Chief marketing officer Rick Gomez has been named chief marketing and digital officer and will now lead Target’s digital team, focusing on personalization, loyalty and the overall shopping experience. Gomez joined Target in 2013 and was named CMO in 2017. Prior to Target, Gomez held various positions at MillerCoors, PepsiCo and the Quaker Oats Company.

• Stephanie Lundquist, who has served as Target’s chief HR Officer since 2016, has been named president of food and beverage. Lundquist joined Target in 2005. She will remain a direct report to Cornell and a member of the company’s leadership team.

• Melissa Kremer, senior VP HR, has been promoted to Target’s chief HR officer, taking on leadership of the enterprise-wide human resources strategy for Target’s 350,000 team members globally. She will join Target’s leadership team and report to Cornell.

• Katie Boylan, senior VP, communications, has been named chief communications officer, with oversight of internal communication, corporate and brand communication, public affairs and crisis and issues management.