Michael Fiddelke has been appointed as the new COO (Chief Operating Officer) of the company.
Revamped Review:
- Target declares Michael Fiddelke as the new Chief Operating Officer, effective February 4. The company also unveils new heads for the merchandising team, aiming to accommodate the growth and intricacy of their operations as stated in a press release.
- Fiddelke, who kicked off his career with Target as an intern in 2003, has climbed up the ranks in various leadership roles across merchandising, operations, and human resources. He has been serving as CFO since late 2019 and will carry on in both roles until a new CFO takes the helm.
- In the merchandising department, Rick Gomez, the company's food and beverage chief, will assume control over Target's frequency categories, stepping up as the Chief Food, Essentials, and Beauty Officer. Jill Sando, currently Chief Merchandising Officer, will now oversee discretionary categories as the Apparel and Accessories, Home, and Hardlines chief.
Insights:
Fiddelke is stepping up to replace the outgoing COO, John Mulligan. Mulligan announced his departure last fall. Target operates nearly 2,000 stores and oversees a vast global supply chain network, fulfillment services, and same-day delivery under Fiddelke's leadership. He will also lead teams responsible for constructing and renovating Target stores and other facilities.
Target's Q3 revenue was $25.4 billion, a 4.2% decline year-over-year, but its drive-up service saw over $7 billion in annual sales and experienced 12% growth in Q3. The company's same-day services expanded more than 8% during the quarter. As CFO, Fiddelke reported during earnings calls that operations generated more than $5.3 billion in cash through the first three quarters of 2023, an increase from about $550 million during the same period in 2022.
In a blog post about his appointment, Fiddelke emphasized the operational teams' crucial role in bringing Target's services to life for customers. Target also announced the retirement of Chief Legal and Compliance Officer Don Liu this week, who has been with the company since 2016.
According to recent search results, there is no information available about a new Target COO as of February 4, 2023. For definitive COO details, refer to Target's leadership page or SEC filings.
- In the business world, Michael Fiddelke, who was once an intern at Target, has now been appointed as the new Chief Operating Officer, effective from February 4, but it seems there's no official information available about his replacing the outgoing COO, John Mulligan, as stated in recent search results.
- Fiddelke, who has been serving as CFO since late 2019, will continue in both roles until a new CFO takes over, overseeing operations that generate more than $5.3 billion in cash through the first three quarters of 2023, as reported by Fiddelke during earnings calls.
- As part of the revamped merchandising team, Rick Gomez, the former food and beverage chief, will now oversee Target's frequency categories, while Jill Sando, currently the Chief Merchandising Officer, will oversee discretionary categories.
- Target's retail industry operations, which include nearly 2,000 stores and a vast global supply chain network, along with fulfillment services and same-day delivery, will be under Fiddelke's leadership.
- The war for talent in the merchandising industry continues, with Target aiming to accommodate the growth and intricacy of their operations, as stated in a press release, with the new heads for the merchandising team.
- The retail industry has seen significant changes due to the growth of e-commerce and same-day delivery services. Fiddelke, in his blog post about his appointment, emphasized the importance of operational teams in bringing these services to life for customers.
