Target names Michael Fiddelke new CFO, adds new merchant chief
today Oct 10, 2019
Target announced on Wednesday the appointment of Michael Fiddelke as executive vice president and chief financial officer.
It also announced the resignation of its chief merchant Mark Tritton, who is leaving for the CEO position at Bed Bath & Beyond.
Fiddelke, who has been with Target for over 15 years, replaces Cathy Smith, who announced her departure earlier this year.
In his new role, effective November 1, Fiddelke will be responsible for financial planning and analysis, as well as 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.
“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,” said Target's chairman and chief executive officer, Brian Cornell.
“He is respected as a highly collaborative business partner and will bring a modern approach to financial and enterprise leadership for Target."
Fiddelke most recently served as senior vice president of operations. Prior to that, he worked in a variety of roles at the company across finance, merchandising, human resources, and operations.
In interim, Christina Hennington and Jill Sando, two Target executives, will assume leadership of the retailer's merchandising organization.
Hennington, who joined Target in 2003, will assume responsibility for the merchandising planning and capabilities teams, while Sando, who has been with the company since 1997, will assume responsibility for owned brand sourcing, design and brand management.
In January 2019, Target named both Hennington and Sando senior vice presidents and general merchandising managers.
"Mark brought a tremendous amount of energy to his role as our chief merchant,” Cornell said. “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.”
The retailer announced last month that it was boosting its hiring tactics in anticipation of a busy holiday season, hiring 10,000 more employees than last year.