Target has named former 7-Eleven CEO Joe DePinto to its board, adding an industry veteran as the retailer works to sustain a turnaround under new CEO Michael Fiddelke.
DePinto, who led convenience-store operator 7-Eleven for nearly two decades, brings over 30 years of experience across the retail and consumer sectors. He has also held senior leadership roles at PepsiCo and GameStop.
Turnaround Efforts
Since taking over as CEO earlier this year from longtime chief Brian Cornell, Fiddelke has focused on improving inventory availability, strengthening product assortment and sharpening the retailer’s value proposition.
The company has been lowering prices and releasing fresher products on the shelves to compete with aggressive pricing strategies of rivals such as Walmart and Amazon.
The efforts have shown early signs of success. In May, Target raised its annual sales-growth forecast for the first time in two years after posting stronger-than-expected quarterly results.
DePinto’s appointment also follows a shareholder vote last month rejecting a proposal that would have required the board’s chair to be an independent director.
The retailer said DePinto will join its board on August 1 and serve on infrastructure and finance, and audit and risk committees.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
