In a memo sent to employees Monday, interim CEO
"Thirty days ago, we promised to remove roadblocks, streamline decision making and generally make Target less bureaucratic. Since then, we've made real progress, and I'm excited to share a few highlights with you," Mulligan told workers in the memo, which was obtained by the
To that end, Mulligan said Target is tossing out the term "executive committee" and will now call its group of executives a "leadership team." The company is also modernizing or eliminating four long-standing governance meetings and will tear down its "vision, mission and values wall" in a headquarters space known called Target Hall. "We'll modernize that space in the months ahead, and when it's done, it will reflect the company we're becoming, which we're all creating together."
Target also announced Tuesday that it has hired
Maiorino will report to
"Having led this critical function at two of the country's largest companies, Brad is widely recognized as one of the nation's top leaders in the complex, evolving areas of information security and risk," DeRodes said in a statement.
The developments emerged just before
While analysts welcomed the swift and transformative changes afoot at Target, some wondered whether the moves are more cosmetic than real -- and what might result in new outcomes.
"I hope they're not just playing musical chairs," said
In recent weeks, Mulligan has been more open in acknowledging that Target had become bogged down in bureaucracy and has been slow to roll out new initiatives. As the retailer looks to speed up innovation amid sluggish sales, the phrase "removing roadblocks" has become his new mantra.
"Target has traditionally been a perfectionist," she said. "It preferred to incubate ideas until they were pristine. But now they are realizing they can't continue to operate that way. They're going to have to get faster and to put more things out simultaneously even before they feel ready."
On its first quarter earnings calls last month, Target executives discussed some of the company's newer initiatives such as a test of same-day delivery, set to launch this month in
To his credit, Spieckerman added that Steinhafel had been talking about the trade off between perfection and speed before he left. So that awareness that Target needed to do something in that direction has been there for awhile.
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