<p style="text-indent:0px; line-height:12px;"><span style="font-weight:bold;line-height:130%"> Minneapolis, MN</span><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">By Eric Anderson<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">3.15.13</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><img src="https://cdn.andnowuknow.com/legacyWriterImages/hl_target_aquisition_exec_steps_down_BODY.jpg" alt="Cropped Images 03152013" />Big changes are in store for this retail heavyweight.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Target has announced the retirement of its President, Financial and Retail Services, Terry Scully, and the acquisition of CHEFS Catalog and assets of Cooking.com. The acquisitions represent an attempt to expand the company’s presence in the growing cooking and kitchenware market, according to a press release.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Scully will retire in March 2014. As of April 1, he will move into a strategic advisory role to ensure a smooth transition for the company’s financial services operations following the sale of their portfolio to TD Bank Group. He will be succeeded by Scott Kennedy, the company’s current Vice President, Pay and Benefits.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">“For nearly 35 years, Terry has been a valuable member of this Target team,” said Gregg Steinhafel, Chairman, President and CEO. “And, for the past decade, Terry’s leadership and his vision have led to the creation of an exceptional suite of financial products and services, which were critical in strengthening guest loyalty and delivering substantial profitable growth. I appreciate his many contributions and am grateful that Target will continue to benefit from Terry’s expertise during this transitional period.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">After the closings of both acquisitions, the two businesses will be combined to create a new subsidiary of Target, but will continue to operate under their current names.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">“We are excited to bring CHEFS and Cooking.com into the Target family,” said Casey Carl, President of Multichannel and Senior Vice President, Enterprise Strateg. “We know consumers are increasingly looking online for cooking solutions to make their lives easier – from utensils and cookware, to recipes. These strategic transactions provide us a great way to address this growing opportunity and will offer expanded online options for our guests.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Tim Littleton, President and Chief Executive of CHEFS, will be President of the wholly owned subsidiary and will report to Mr. Carl. Tracy Randall, Chief Executive and Co-founder of Cooking.com, will become a consultant to Target.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.target.com/ " target="_new">Target </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
