Dive Brief:
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Target CEO Brian Cornell continues to transform the top ranks at the retail giant, replacing long-time Chief Stores Officer Tina Tyler with Janna Potts on Monday.
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Tyler has been with the retailer for 30 years and started as a store employee. Tyler is a holdover from the tenure of former CEO Gregg Steinhafel, who was dismissed by the board as the company dealt with the aftermath of its massive 2013 holiday time breach.
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Last summer, another long-time executive, Chief Merchant Officer Kathee Tesija, was let go from her position and has yet to be replaced. While Tesija is still advising the company, Tyler’s departure, effective January 9, will be more abrupt and final, according to filings with the Securities and Exchange Commission.
Dive Insight:
The infamous 2013 cyber-breach that spooked Target’s customers for months and exposed security and other weaknesses that some observers doubted could be fixed, considering the retailer's highly insular culture. The company’s reputation for “cheap chic” was tarnished and its logistics overwhelmed by fast-fashion, which took over where Target left off by stealing designs from the runway and getting them in and out of stores faster and cheaper.
But since former Pepsico executive Brian Cornell came on last year, the retailer seems to be revived. Cornell has taken steps to bring fresh blood to the executive ranks, hiring a new CIO, a new CFO, and creating a chief operating position in charge of supply chain, merchandising, and stores. New Chief Stores Officer Janna Potts will report to COO John Mulligan and be part of the retailer’s leadership team.
“Janna has been a tremendous leader at Target and we believe she will be a tremendous asset to the team, the company and, ultimately, our guests in this role,” Mulligan said in a statement. “As we continue to focus on offering our guests a seamless, uniquely Target shopping experience, we believe Janna’s strategic leadership, expertise in managing complex organizations, and her dedication to the team make her well suited for the opportunities ahead.”
Target shares edged up 0.5% following the news amid an otherwise bleak day for many stocks.