Target Fires Stores Chief in Latest C-Suite Shake-up
Target’s (TGT) head of stores is out in the latest shakeup of the discount retailer’s top management ranks under CEO Brian Cornell.
Tina Tyler, who has been at Target for nearly three decades, most recently as Chief Stores Officer in charge of its 1,800 locations, will leave the company on Saturday, becoming the second C-suite executive to exit in recent months. Last summer, long-time head merchant Kathy Tesija left the company, though she is serving as an advisor at Target through April. (Target has still not filled her job.) In contrast, Tyler will have no role at all at Target after her departure.
In the 17 months since Cornell took the reins, Target (TGT) has hired a new chief information officer, brought in a new finance chief, and made former CFO John Mulligan the operations chief to oversee Target’s efforts to improve its supply chain, reduce inventory problems like stock-outs, and better integrate stores and e-commerce.
As detailed in a Fortune cover story last year, Cornell has striven to bring back Target’s former luster in categories like clothing and housewares, develop its e-commerce, and push its small-format stores to reach urban shoppers.
So far, results have been promising, with three quarters in a row of comparable sales growth. (Still, e-commerce growth last quarter was 20%, well below the 40% pace Cornell has promised Wall Street for the full year.)
Tyler will be replaced by Janna Potts, a longtime Target employee who most recently worked in human resources but who previously was a senior vice president for store operations for a decade.
In 2014, Tyler earned more than $4.5 million in total compensation, according to Target’s proxy statement and can get $3 million in cash if she signs a three-year noncompete agreement, according to a securities filing.