Longtime Target CFO to retireby Martin Moylan, Minnesota Public Radio
Minneapolis — Another top Target executive is leaving the Minneapolis-based retailer. Longtime chief financial officer Doug Scovanner will retire from Target next March.
The company has yet to name a successor. Retail industry analyst Michael Keara with Morningstar said he didn't expect Scovanner's exit.
"Clearly at the age of 55 — which is relatively young for an executive officer — for him to retire was a surprise and we're not aware of any health-related issues," Keara said.
In October, both Target's chief marketing officer and the head of its online retail efforts departed.
Scovanner has been with Target for about 17 years. He was a big supporter of Target's push into the grocery business and the reward card program that gives shoppers five percent discounts on Target purchases, Keara said. Those moves cut into Target's profit margin but helped Target stabilize its sales in good and bad economic times, Keara said. The price of Target's shares fell as much as 6 percent after the company reported Scovanner's retirement.