Summary
This 8-K filing from Target Corporation announces a significant change in its executive leadership team. Effective November 1, 2019, Michael J. Fiddelke has been appointed as the new Executive Vice President and Chief Financial Officer (CFO). Mr. Fiddelke is a long-tenured Target employee with extensive experience across various financial and operational roles within the company, most recently serving as Senior Vice President of Operations. His compensation package includes a base salary of $625,000, eligibility for cash incentives, and stock-based awards valued at approximately $420,000. In conjunction with this appointment, the current CFO, Cathy R. Smith, will step down but will remain with Target in a strategic advisory role until May 1, 2020. Additionally, the filing reports the resignation of Mark J. Tritton, Executive Vice President and Chief Merchandising Officer. These executive changes suggest a period of transition for Target's leadership, which investors should monitor for potential impacts on strategic direction and financial operations.
Key Highlights
- 1Michael J. Fiddelke appointed as new Executive Vice President and Chief Financial Officer, effective November 1, 2019.
- 2Mr. Fiddelke has a long history with Target, serving in various senior financial and operational roles since 2005.
- 3Mr. Fiddelke's compensation includes a $625,000 annual base salary and stock-based awards with a target value of approximately $420,000.
- 4Current CFO Cathy R. Smith will transition to a strategic advisory role until May 1, 2020.
- 5Mark J. Tritton, Executive Vice President and Chief Merchandising Officer, has resigned from his position.
- 6The stock-based awards for Mr. Fiddelke will consist of performance share units (60%) and performance-based restricted stock units (40%).