Target Names New CFO, Chief Merchant Leaves for Bed Bath & Beyond
This week has brought personnel changes at Target, with Michael Fiddelke named the new EVP and CFO, and chief merchant Mark Tritton resigning.
Fiddelke will replace former CFO Cathy Smith, effective Nov. 1. Smith announced her retirement in January, although she will remain an adviser through May 2020.
Fiddelke has been with Target for more than 15 years, most recently as SVP of operations. Previously, he worked at Deloitte Consulting.
“After concluding an extensive global search, it’s clear that Michael is the right leader for this role," said Brian Cornell, Target's chairman and CEO. "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.”
On the merchandising side, Christina Hennington and Jill Sando, Target SVPs and general merchandising managers, will assume the responsibilities of Tritton.
Tritton has resigned to take the helm at Bed Bath & Beyond as president and CEO, effective Nov. 4. Target said that it doesn't plan to conduct an external search for a replacement.
“Mark brought a tremendous amount of energy to his role as our chief merchant," noted Cornell. "His focus on developing the next generation of leadership, establishing a comprehensive merchandising strategy and re-energizing our own-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."
Hennington joined Target in 2003 and currently serves as senior vice president and 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 senior vice president and general merchandising manager of apparel, accessories and home. In her interim position, Sando will assume responsibility for owned brand sourcing, design and brand management.
Minneapolis-based Target operates more than 1,800 stores, 39 distribution centers and Target.com. The company is No. 15 on Progressive Grocer’s 2019 Super 50 list of the top grocers in the United States.