MINNEAPOLIS, MN - Effective November 1, Target Corporation will be welcoming a new Executive Vice President and Chief Financial Officer to its ranks. Michael Fiddelke will be stepping into his new role to take charge of financial planning and analysis, financial operations, internal audit, accounting, investor relations, treasury, tax, and risk. He will also oversee Target’s Financial and Retail Services, which includes guest relations and management of its financial products, like its Target RedCard.
“After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” Chairman and Chief Executive Officer Brian Cornell commented in the company’s press release. “With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results. He is respected as a highly-collaborative business partner and will bring a modern approach to financial and enterprise leadership for Target.”
Fiddelke has been with the company for over 15 years now at this point, and has served in various capacities across finance, merchandising, human resources, and operations. Most recently, he served as Senior Vice President of Operations, leading numerous cross-functional enterprise initiatives spanning merchandising, supply chain, stores, and guest experience. He is being appointed after an extensive evaluation of internal and external candidates. Target’s current CFO, Cathy Smith, will be planning to retire, but will stay on as a strategic advisor until May 2020.
According to the local Biz Journals, Target will also be losing its CMO to Bed Bath & Beyond. Mark Tritton, who has been the Chief of Merchandising at Target since May 2016, will be stepping in as Bed Bath & Beyond’s newest President and CEO, effective November 4.
"Mark brought a tremendous amount of energy to his role as our Chief Merchant," stated Cornell. "His focus on developing the next generation of leadership, establishing a comprehensive merchandising strategy, and re-energizing our owned brand portfolio are among his most meaningful contributions. Along with the entire Target team, I wish him the best."
With this departure, Christina Hennington and Jill Sando, two Target executives with deep expertise and nearly 40 years of combined experience with the company, will assume interim leadership of the retailer’s merchandising organization. In January 2019, Target named both Hennington and Sando Senior Vice President and General Merchandising Manager, reflecting their expanded responsibilities with the company.
"As we head into the holiday season and beyond, Christina and Jill are well positioned to lead our merchandising organization given their strong business acumen and extensive experience driving ambitious and successful merchandising strategies,” finished Cornell.
During this interim period, Hennington and Sando will report directly to CEO Brian Cornell. This operating structure will remain in place until further notice, and the company does not plan to initiate an external search at this time. Continue keeping tabs with us on all retail news. AndNowUKnow a little more.
