Target finance chief Fiddelke to assume COO role By Reuters

(Reuters) -Target said on Thursday it has named finance chief Michael Fiddelke its new chief operating officer, effective Feb. 4, replacing long-time executive John Mulligan.

Fiddelke, who has been Target’s CFO since November 2019, would exit the role after his replacement is named, the retailer said.

As COO, Fiddelke will be tasked with overseeing Target’s footprint of nearly 2,000 stores, as well as its delivery operations, store remodels and its global supply chain.

Target has largely bounced back from pandemic-era snags, with easing cost pressures and better inventory control bolstering profits despite an uneven demand environment.

However, Target is seeing some disruptions in shipments from India and Pakistan due to the attacks on vessels in the Red Sea by the Iran-backed Houthi militia, although the effect was “minor” overall, Reuters reported earlier this week.

The company in November projected holiday-quarter earnings largely above Wall Street expectations, but sounded a note of caution on consumer health in the United States.

Mulligan had announced his plans to retire in October and was set to transition to a strategic advisor role with the Minneapolis, Minnesota-based company until February 2025.

Target also announced the upcoming retirement of its chief legal and compliance officer Don Liu on Thursday, as well as a rejig in the leadership of its merchandising department.