Target Chairman and CEO Brian Cornell unveiled a wide-ranging growth strategy that combines familiar concepts with dozens of new initiatives related to merchandising, digital, expense control, process improvement and a major shift in corporate culture designed to drive growth for the next five years.
All 10 members of Target’s board of directors were re-elected at the retailer’s annual meeting on June 11, but there was strong opposition to several members and a proposal requiring an independent chairman nearly passed.
Despite the massive data breach that hurt Target’s fourth quarter, people are not staying away from the retailer. According to a Reuters report, the company saw a dramatic improvement in traffic in the first quarter compared to its late fourth-quarter trends.
Incoming Target CFO John Mulligan and outgoing CFO Doug Scovanner participated in a Target sponsored meeting last Friday at the New York stock exchange. The event gave Wall Street analysts an opportunity to get to know Mulligan, and the consensus is the guy is a strong replacement for longtime CFO Scovanner whose tenure ends March 30.
The surge in February same-store sales Target reported Thursday morning didn’t come as a surprise to incoming CFO John Mulligan who alerted the market to the above plan performance when Target reported fourth-quarter results on Feb. 23.