Target Corp. said Thursday that its veteran chief merchandising
and supply-chain officer, who had clashed recently with former CEO
Gregg Steinhafel, will leave both roles effective July 6.
Kathryn Tesija has agreed to remain at the retailer until April
2016 to assist with the transition, Target said. Ms. Tesija will
continue to receive her current base salary and target bonus
opportunity through that period, and she will be eligible for
severance payments at the conclusion of her employment, according
to the company.
Ms. Tesija joined Target in 1986 as a merchandise analyst and
was promoted to chief merchandising officer in 2008. In 2012, the
executive took on the additional role of supply chain head. She had
been viewed by some as strong candidate to one day become the
company's CEO.
Target didn't immediately respond to requests for comment from
Ms. Tesija.
The Wall Street Journal had reported in May of 2014 that Ms.
Tesija hadn't been on speaking terms with Mr. Steinhafel since
November 2013 and had approached the board to talk about the
company's problems, according to people familiar with the
matter.
Last summer, the Minneapolis company tapped PespiCo Inc.
executive Brian Cornell as its new chief executive. Mr. Cornell,
who in March announced job and cost cuts, has sought to bring
Target back to its cheap-chic roots after the company became overly
focused on prices and lost its fashion focus under his
predecessor.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Access Investor Kit for Target Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US87612E1064
Subscribe to WSJ: http://online.wsj.com?mod=djnwires