Target Interim CEO Pursues Comeback Rather Than ‘Caretaker’ Role

Target Corp. (TGT) interim Chief Executive Officer John Mulligan, who took the job from Gregg Steinhafel yesterday, said his top priority is improving financial results in the wake of last year’s data breach and sales decline.

While Mulligan has no plans to vie for the permanent CEO job, he doesn’t want to serve merely as a placeholder for the next leader, according to an interview today. Mulligan is sharing Steinhafel’s former duties with board member Roxanne Austin, who became interim chairwoman yesterday.

“We are not in caretaker mode,” said Mulligan, who took the job after serving as chief financial officer. “We need to run the business and move it forward. We are going to deliver financial results.”

Mulligan said he met with top executives yesterday and told them that being an interim CEO doesn’t mean he would be idle. He will focus on turning around the chain’s struggling Canada division as well as improving its mobile-shopping operations.

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Niamh Ring

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