Target says McCarthy’s appointment comes as Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire. McCarthy succeeds Valdez, effective immediately.
“In discussions about the company’s longer-term plans, it was important to us as a board to assure our stakeholders that Cornell intends to stay in his role beyond the traditional retirement age of 65. We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure,” says Monica Lozano, lead independent director of Target’s board of directors. “Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy. The board is pleased that Brian has committed to continue leading Target’s strategy and driving its multi-year, long-range plan alongside his talented leadership team.”
Cornell adds: “Being a Target team member has been the high point of my career, and I’m energised about leading the company in the years ahead as we build on the growth we’ve already accomplished. By taking care of our guests, our team, our communities, and our shareholders, Target has added nearly US$40bn in annual revenue since I joined the company, and in many ways, we’re just getting started. Our success is fuelled by the best team in retail, and I am confident our culture will continue to propel our company forward. I appreciate the board’s confidence, the opportunity to keep serving our guests, and the chance to continue leading Target in the years ahead.”
Meanwhile, McCarthy, an 18-year Target veteran, is said to bring a deep understanding of Target’s business operations, with experience spanning supply chain transformation, merchandise planning and buying.
“Valdez brought deep expertise to Target, and his leadership drove significant innovation across our supply chain, fuelling Target’s omnichannel growth. On behalf of the entire Target team, I thank him for his contributions and wish him well as he transitions to retirement,” Cornell adds. “McCarthy will be an excellent addition to our leadership team. She is stepping into her role as a proven leader who will bring a deep understanding of our business operations, and a highly collaborative, solution-oriented approach to leadership. She and her global team will continue to drive our supply chain strategy to deliver for our guests and support strong enterprise growth.”
McCarthy will report to John Mulligan, Target’s executive vice president and chief operating officer, effective immediately. Valdez and McCarthy have been partnering closely to ensure a smooth transition, and Valdez will continue working with the Target team in an advisory role through April 2023.