Big box retailer Target (TGT) has had many wins under the leadership of Chief Executive Brian Cornell, who joined the company in July 2014 when Target was dealing with a financial crisis.
Over the years, the former PepsiCo (PEP) and Walmart's (WMT) Sam's Club executive has brought in massive changes at the Minneapolis retail giant and the company has benefitted from them.
Chief among them was a $7 billion investment strategy announced in 2017 that ushered Target into a digital first era, with smaller stores, a revamped supply chain, distribution centers, and over a dozen new brands and lower prices.
"It's been five years since I stood in front of many of you, the head of then a $70 billion company. I was a little nervous as I laid out a bold new company strategy. Today, I stand in front of you as the head of a $106 billion growth company with a long list of proof points that our strategy is working," Cornell said during Target's fourth quarter earnings call.
The retailer crossed $100 billion in annual revenue for the first time last year.
Target recently announced expansion plans to further build on this success with a $5 billion investment towards physical stores, digital experiences, fulfillment capabilities and supply chain capacity.
“Years of investment in our team and business have driven our sales beyond $100 billion and positioned Target to meet the needs of our guests no matter how they choose to shop,” said Target Chief Financial Officer Michael Fiddelke in a statement in March.
“We see substantial opportunities to build on our core capabilities to drive deeper guest engagement and long term growth," added Fiddelke.
All of these changes are eventually aimed at pleasing the consumer and offer a distinct shopping experience.
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Target has a New Role
On May 5, the company created a new position to further understand customer experience at Target. Target operates close to 2000 stores at present.
Target's Executive Vice President Cara Sylvester will now take on the additional role of chief guest experience officer at the firm.
Sylvester will be in charge of developing a plan to help Target stand out in its guest experience, with an emphasis on enhancing personalization and attracting even more shoppers to Target's stores and in its app.
Sylvester, who joined Target almost 15 years ago, will bring together departments from across the company that are responsible for designing Target's customer experience, such as marketing, digital, and technology.
"The updates we're making to our leadership team reflect the size and scale of our more than $100 billion business, while also positioning the company for continued momentum well into the future," said Cornell in a statement.
Target also elevated Senior Vice President for Digital Brett Craig to executive vice president and chief information officer. Craig joined Target in 2008.
Separately, Target's Executive Vice President and Chief Growth Officer Christina Hennington will take charge of the company's leadership in India. Hennington will also continue to report to Cornell.
And Target's Executive Vice President and Chief Supply Chain and Logistics Officer Arthur Valdez will join Target's leadership team, the company said.
Meanwhile, Target's Senior Vice President of Risk and Employee and Labor Relations Matt Zabel, who led Target's internal covid-19 task force, has been elevated to executive vice president and general counsel.
"I have tremendous confidence in these leaders and the value they bring to our organization as we work together to meet the needs of current and new Target guests," Cornell said in a statement.
Target is planning to open more than 250 new Ulta shop-in-shops by the end of 2022, the company said in March. The Minneapolis company plans to open roughly 30 more stores this year including smaller shops across Charleston, SC, and New York’s Times Square.
