Target Financial And Retail Services President Terry Scully to Retire

Wed Mar 13, 2013 5:15pm EDT

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Scott Kennedy Named as Successor


MINNEAPOLIS--(Business Wire)--
Target Corporation (NYSE: TGT) announced today that Terry Scully, 60, President,
Financial and Retail Services, plans to retire in March 2014. Effective April 1,
2013, Mr. Scully will move into a strategic advisory role, ensuring a smooth
transition for our financial services operations following the sale of our
portfolio to TD Bank Group. 

"For nearly 35 years, Terry has been a valuable member of this Target team,"
said Gregg Steinhafel, Chairman, President and CEO. "And, for the past decade,
Terry`s leadership and his vision have led to the creation of an exceptional
suite of financial products and services, which were critical in strengthening
guest loyalty and delivering substantial profitable growth. I appreciate his
many contributions and am grateful that Target will continue to benefit from
Terry`s expertise during this transitional period." 

Since joining the company in 1979, Mr. Scully has held a variety of financial
and credit card roles. In 1998, he became Vice President of Finance for Target
Financial Services, and he was promoted to his current role in 2003. 

Target also announced today that Scott Kennedy, 44, Vice President, Pay and
Benefits, is being promoted to succeed Mr. Scully as President of Target
Financial and Retail Services. Mr. Kennedy joined Target in 2005 as Vice
President, Assurance. During his tenure with Target, he has also held positions
as Vice President, Controller and Vice President of Finance for Target Financial
Services. He was named to his current role in 2010. 

"Scott brings strong leadership, strategic perspective and broad financial
experience to his new role," said John Mulligan, EVP and CFO. "I am confident
that Target Financial and Retail Services will continue to thrive under his
direction." 

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,787 stores -
1,784 in the United States and three in Canada -- and at Target.com. Since 1946,
Target has given 5 percent of its profit through community grants and programs;
today, that giving equals more than $4 million a week. For more information
about Target`s commitment to corporate responsibility, visit
Target.com/corporateresponsibility. 

For more information, visit Target.com/Pressroom.

Target Communications
Susan Kahn, 612-761-6735
or
Target Media Hotline, 612-696-3400
or
John Hulbert, Investor Relations, 612-761-6627 

Copyright Business Wire 2013

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