Target promotes CFO John Mulligan to newly created COO role

Target promoted Chief Financial Officer John Mulligan to the newly created role of chief operating officer, and appointed Express Scripts Holding Co's CFO, Cathy Smith, as his replacement.

The moves are the latest management changes announced by the company under new CEO Brian Cornell, who took over last August, as it restructures and focuses on fewer products.

Target has said it will cut about 16,000 corporate jobs, revamp grocery operations and invest in technology and supply chain.

Mulligan, who has been CFO since 2012, would assume oversight of stores, supply chain and properties starting Sep. 1, the company said.

Mulligan also did a four-month stint as Target's interim CEO in 2014, after Gregg Steinhafel stepped down following a massive data breach in 2013 that led to the theft of tens of millions of card numbers and hit sales for several quarters.

Smith, who will join on Sep. 1, has previously served as CFO of Wal-Mart Stores Inc's international division.

Target is also focusing on certain higher-margin "signature categories," which include apparel, wellness products and children's items.

The company in April named grocery retail veteran Anne Dament as senior vice president of merchandising, while moving chief merchandising and supply chain officer Kathee Tesija to an advisory role in June.