Target has named Michael Fiddelke evp/chief financial officer, effective November 1. The retailer also updated its merchant leadership following Mark Tritton joining Bed Bath & Beyond as CEO.
In the CFO role, Fiddelke will be responsible for 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, including Target RedCard.
In more than 15 years at Target, Fiddelke has served in a variety of roles across finance, merchandising, human resources, and operations. Most recently he served as svp/operations, leading numerous cross-functional enterprise initiatives spanning merchandising, supply chain, stores and guest experience.
Target’s chairman and CEO, Brian Cornell, said, “After concluding an extensive global search, it’s clear that Michael is the right leader for this role. 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.”
As previously announced, and to ensure a smooth transition, Cathy Smith will begin serving as a strategic advisor on November 1. She will remain in that capacity until May 1, 2020.
Updates To Merchant Leadership
Target also announced the resignation of its chief merchant Mark Tritton, who has joined Bed Bath & Beyond as its new president and CEO.
With his departure, Christina Hennington and Jill Sando will assume interim leadership of the retailer’s merchandising organization. In January 2019, Target named both Hennington and Sando senior vice presidents and general merchandising managers. During this interim period, Hennington and Sando will report directly to 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.
“Mark brought a tremendous amount of energy to his role as our chief merchant. 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. 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,” Cornell said.
Hennington joined Target in 2003 and currently serves as svp/general merchandising manager of essentials, beauty, hardlines and services. In her interim position, Hennington will assume responsibility for the merchandising planning and capabilities teams.
Sando joined Target in 1997 and currently serves as svp/general merchandising manager of apparel, accessories and home. In her interim position, Sando will assume responsibility for owned brand sourcing, design and brand management.