Target Hires New Chief Strategy and Innovation Officer
Target recently announced the appointment of Minsok Pak as executive vice president, chief strategy and innovation officer. Pak will be responsible for Target’s enterprise strategy development and retail innovation with the goal of enhancing the guest experience and accelerating growth. He will also oversee business development for the company, including mergers, acquisitions, partnerships and joint venture initiatives.
Pak has two decades of experience with McKinsey & Company, where he held various leadership roles and worked with leading global retail and consumer companies. Additionally, Pak led McKinsey’s Digital Transformation group and was in charge of the firm’s internal digitization initiative. Pak also served (on secondment from McKinsey) as the global executive vice president and chief strategy officer at LG Electronics. At LG, Pak worked with the CEO and executive team to develop a new corporate strategy, and also led the company’s M&A and business development efforts.
Most recently, Pak was senior vice president, LEGO Retail at The LEGO Group. In this role, Pak was responsible for leading LEGO’s branded retail channel, including more than 250 stores and e-commerce sites across 24 markets.
“[Minsok] brings strategic vision, an innovative spirit and an ability to address complex business challenges by capturing near-term opportunities and charting a course for the future,” said Brian Cornell, Target’s CEO. “As we build an even better Target for tomorrow, we must plan purposefully to drive growth and continue instilling innovation in every part of our business. I'm confident Minsok is the right leader to fill this critical role.”