Target Corporation is making changes in its leadership team as current Stores, Technology and Digital Commerce department leaders retire and second-in-command managers take the top spots to “position Target for success in 2025 and beyond.”

The news comes as Target reported that total sales during the two-month holiday period grew 2.8 percent versus the prior-year holiday period, with comparable sales increasing 2 percent and record-high sales during both the Black Friday and Cyber Monday promotional periods.

The retailer reported sales were driven by a nearly 3 percent increase in traffic across in-store and digital channels, with December marking the company’s eighth consecutive month of year-over-year traffic growth.

During November and December combined, digital sales grew nearly 9 percent over the 2023 period, reflecting more than a 30 percent growth in same-day delivery powered by Target Circle 360. In addition, the company saw nearly 50 percent growth in Target Plus, the company’s third-party marketplace.

The company reported that it fulfilled over 97 percent of sales in-store.

Compared with its third-quarter sales trends, the company saw a meaningful acceleration in discretionary categories during the holiday period, most notably in apparel and toys, with continued strength in beauty and frequency categories.

“Our team delivered continued traffic growth and better-than-expected holiday-season performance, thanks to their focus on serving guests with an inspiring, easy and joyous shopping experience,” said Brian Cornell, chair and CEO of Target Corporation. “With an unmatched combination of quality and value, on-trend assortments and a seamless shopping experience, our team continues to make Target a destination for consumers, both during important seasonal moments like the holidays and in the everyday moments in between.”

Guidance
The company now expects growth of approximately 1.5 percent in its fourth-quarter comparable sales and expects fourth-quarter GAAP and Adjusted earnings of $1.85 to $2.45 per share and full-year GAAP and Adjusted EPS of $8.30 to $8.90 per share. Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items when applicable. The company said the most comparable GAAP measure is diluted earnings per share.

Leadership Team Changes
The company said it is transitioning the Stores, Digital Commerce and Technology departments to continue powering its strategic priorities with proven leaders who bring considerable industry experience to the new posts. All changes are effective February 2, 2025.

  • Mark Schindele, executive vice president and chief stores officer, will retire after 25 years with Target. The company has promoted Adrienne Costanzo, senior vice president of store operations, to Schindele’s role as executive vice president and chief stores officer.

Since joining the company in 1999, Schindele has served in multiple merchandising and operations roles. Over the past five years as chief stores officer, he led store organization through the pandemic and during the company’s largest growth period, improving retail fundamentals and the customer experience. To support a smooth transition, Schindele will move into a strategic advisory role on February 2 and retire effective March 29.

As Schindele’s successor, Costanzo will lead over 350,000 store employees and oversee the company’s operations of nearly 2,000 locations nationwide. Costanzo has over 20 years of experience leading teams and driving business results across Target’s stores, human resources and merchandising functions.

Costanzo will report to Michael Fiddelke, executive vice president and chief operating officer, and join Target’s leadership team.

  • Brett Craig, executive vice president and chief information officer, will retire after 15 years at Target. In addition to various positions in technology, Craig held roles in merchandising and digital before leading the technology team. With his departure, Prat Vemana, executive vice president and chief digital and product officer, will assume Craig’s role as chief information and product officer and remain on Target’s leadership team.

Target said this change will usher in new leadership to strengthen technology’s role in its corporate strategy, including the company’s operations.

Since joining Target in 2022, Vemana has redesigned the company’s digital platforms and capabilities, enhancing the digital shopping experience, resulting in strong growth. As chief information and product officer, Vemana will accelerate the company’s tech strategy by furthering automation, data, and AI to enhance the working and shopping experience. In addition to overseeing Target’s technology roadmap, Vemana will continue to lead the company’s user experience strategy and enterprise product function to speed the development of technology solutions that deliver a “fast, reliable and inspiring experience for consumers and the Target team.”

  • Sarah Travis, senior vice president of Roundel and social commerce, will be promoted to executive vice president and chief digital and revenue officer and join Target’s leadership team. Travis has r”significantly grown in the retailer’s in-house media company, Roundel, putting it on pace to deliver nearly $2 billion in value to Target in fiscal 2024.”

Target said Travis’ new role brings together the “growing power of Target’s e-commerce business with other revenue drivers, including Roundel and the company’s social commerce efforts that inspire consumers to shop Target on new platforms to fuel each other’s success and growth.”

“These leadership updates will help us continue to deliver a differentiated shopping experience every day across every channel,” added Cornell. “I want to thank Mark and Brett for the notable contributions they’ve made during their long tenures with the company and wish them both well in their retirements. Adrienne, Prat, and Sarah all bring tremendous retail expertise to their roles and to Target’s leadership team as we accelerate Target’s strategy.”

Image courtesy Target Corporation