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Target CFO to retire
Minneapolis -- Target Corp. said Tuesday that its CFO and executive VP Doug Scovanner will retire from his posts effective March 31, 2012.
He will remain with the company for the next five months to assist with the transition, according to the retailer.
A successor has not yet been named.
Scovanner has served in his current role since 1999.
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Target future uncertain following CFO retirement
MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012 has investors speculating about the reasons for his departure following the recent exit of other key executives.
Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long planned for event. However, the firm said it believes that despite the unexpected news, this appears to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.
