Doug Scovanner

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November...

MINNEAPOLIS — Target announced that it has temporarily suspended its efforts to sell its credit card receivables portfolio. The company said it remains committed to selling the portfolio on appropriate terms, but based on discussions with potential partners the company has determined that it is not in its best interests to finalize a transaction at this time. Later in 2012, the company said it expects to re-engage in discussions with a limited number of potential partners, and expects to be well-positioned to streamline those conversations based on the groundwork established in its 2011 efforts. Target also announced that it

MINNEAPOLIS — Target's board of directors has approved a new $5 billion share repurchase program, which will be implemented upon the completion of the company's current $10 billion program. Target said while it expects to complete its current program early this year, it expects to complete the new $5 billion authorization in the next two to three years, saying the program "represents an opportunity to apply excess cash flow to what [the company believes] will be an attractive long-term investment." “Our plans envision continued generation of much more cash than we believe is appropriate to invest in our core

Target's Executive Vice President and Chief Financial Officer Doug Scovanner plans to retire from his posts next year. The discounter said that Scovanner will retire on March 31, 2012.

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.

Target plans to spend more than it had forecast this year on its entry into the Canadian market as it nails down more of the best retail locations sooner than expected. The retailer said it will be able to “clarify” within weeks the number and locations of the first 100 to 150 stores it will open in Canada.