Target Hires New CFO and Loses its Chief Merchandising Officer

Big-box retailer Target announced this week that the company’s Chief Financial Officer Cathy Smith would be replaced by Michael Fiddelke.

Fiddelke has been senior vice president of operations at the company and has been with Target for over 15 years.

The company also announced that its Chief Merchandising Officer Mark Tritton would be leaving for Bed Bath and Beyond to become their new CEO.

“After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” said Target CEO Brian Cornell. “With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results.”

Fiddelke has had rolls at Target that span across finance, merchandising, human resources, and operations. Before joining Target, he worked at Deloitte Consulting.

“Mark brought a tremendous amount of energy to his role as our chief merchant,” said Cornell. “His focus on developing the next generation of leadership, establishing a comprehensive merchandising strategy and re-energizing our owned brand portfolio are among his most meaningful contributions.”

Shares of Target are up more than 65% this year. The stock hit an all-time intraday high of $111.25 on Wednesday.

Disclaimer: We have no position in Target Corporation (NYSE: TGT) mentioned and have not been compensated for this article.