Target Financial Boss Scully to Retire

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Target Financial Boss Scully to Retire


In preparation for his retirement in March 2014, Terry Scully, Target Corp’s president of financial and retail services, is moving into a strategic advisory role at the Minneapolis-based retailer, to ensure a smooth transition for Target’s financial services operations following the sale of its portfolio to TD Bank Group.

“For nearly 35 years, Terry has been a valuable member of this Target team,” said Gregg Steinhafel, Target 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.”

Since joining the company in 1979, Scully, 60, has held a variety of financial and credit card roles. In 1998, he became VP of finance for Target Financial Services; he was promoted to his current role in 2003.

Scott Kennedy, VP of pay and benefits, is being promoted to succeed Scully. Kennedy, 44, joined Target in 2005 as VP of assurance; he was named to his current role in 2010.

In other Target news, Douglas M. Baker Jr., chairman and CEO of Ecolab Inc., and Henrique De Castro, COO of Yahoo Inc., have been elected to Target’s board of directors.

“As Target continues to explore and seize profitable new opportunities in a rapidly-changing environment,” Steinhafel said, “we expect to benefit greatly from their organizational, operational and strategic insight, their significant global experience and perspective, and their unique leadership and digital expertise.”

Target Corp. operates 1,787 stores in the United States and Canada.