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Target CFO Set to Retire in March

MINNEAPOLIS — Target Corp. said Tuesday that Doug Scovanner will retire as executive vice president and chief financial officer on March 31, 2012.

The company said no successor has yet been named, but implied that a new CFO might be found within the organization. "Target's reputation for attracting and developing exceptional talent throughout its organization has resulted in a strong leadership bench," the company said in a prepared statement.

"Throughout his tenure with the company, Doug has been a valuable partner in developing and executing our strategy," said Gregg Steinhafel, chairman, president and chief executive officer. "He has made many significant contributions to Target, and as a result of his financial leadership, Target continues to deliver outstanding sales and earnings growth and generate superior returns for our shareholders."

Scovanner began his career at Target predecessor Dayton Hudson Corp. in February 1994 as senior vice president, finance. He became CFO later that year and was named to his current role as EVP and CFO in 1999.

According to a bio on Target's website, Scovanner spent two years at The Fleming Cos. in Oklahoma City as senior vice president of finance before joining Dayton Hudson in 1994. Prior to that, he was with Coca-Cola Co. and affiliates for 12 years, the last five years as vice president and treasurer of Coca-Cola Enterprises.