Target announces executive shakeup amid sales slump
Target is grappling with a bit of a slump. They’re experiencing a 3.7% decline in similar-store sales year-on-year, even seeing a wider 1.7% sales decrease compared to the previous year. The solution? Time for some executive-level reshuffling.
Step up, Cristina Hennington and Rick Gomez! These two have climbed the corporate ladder, securing high-ranking positions as a part of Target’s strategic recovery plan. Plus, Lisa Roath is stepping in temporarily to manage the food and beauty departments until a permanent successor is found.
Cristina Hennington is shedding her former title of Chief Growth Officer to slip into the new role of Chief Strategy and Growth Officer. As for Rick Gomez, he is waving goodbye to his responsibilities for food, essentials, and beauty sectors to become the Chief Commercial Officer.
Brian Cornell, the company’s Chair and CEO, seems pretty confident about these changes. That’s right, he’s pegged them as integral to the company’s forward-looking 2024 strategy.
Executive reshuffling at Target amid slump
In fact, as part of the same plan, Michael Fiddelke has already bagged the title of Chief Operating Officer earlier this year.
Let’s talk a bit more about Hennington’s ride with Target. Since 2003, she has been involved in key initiatives, including the sale of Target’s pharmacy operations to CVS in 2015 and partnering with Ulta Beauty in 2020. In her new role, she would be focusing on designing growth strategies and overseeing technology and AI modernization initiatives.
And what of Rick Gomez? He’s been nurturing a career with Target since 2013, after having worked with brands like MillerCoors and PepsiCo. His new itinerary includes managing Target’s entire merchandise, taking responsibility for clothing and home products, food, essentials, and beauty. He’ll also be guiding the sourcing and creation of the company’s private labels.
Last but not least, let’s not forget Lisa Roath, who’s been with Target since 2006, operating in various leadership roles. Her role transition has Cornell confident, acknowledging her experience will be pivotal come 2025. To further boost their marketing initiatives, the company is keen on finding a top-notch brand marketer to pick up the torch from Roath.
