Retail giant Target Corporation has named John Mulligan as the company’s new CFO, promoting him from his previous position as senior vice president, finance.

Mulligan takes up the post on 1 April, replacing Doug Scovanner, the company’s CFO for the past 18 years, who will stay on in a part-time capacity until November this year.

Mulligan has been with Target for 16 years, in various roles in finance, Target.com and HR, and was most recently responsible for treasury, internal and external financial reporting and financial operations.

“John brings significant financial experience and strategic perspective to this new role,” said Gregg Steinhafel, Target chairman, president and CEO.

“I am confident that he will sustain the financial discipline and stewardship Target has enjoyed during Doug’s tenure, and believe John’s strong leadership and record of performance make him a valuable addition to our Target executive team.”