Target announced Wednesday it named Michael Fiddelke as its next executive vice president and chief financial officer.
It also said Chief Merchandising Officer Mark Tritton will resign to take the CEO post at Bed Bath & Beyond. He will start his new role on Nov. 4.
Fiddelke replaces Cathy Smith, who had announced her intention to step down earlier this year. He moves into this role at a crucial time for Target, ahead of the upcoming holiday season. He has been at Target for more than 15 years, and most recently held the role of senior vice president of operations.
"After concluding an extensive global search, it's clear that Michael is the right leader for this role," said CEO Brian Cornell. "With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results."
Fiddelke's roles at Target have spanned across finance, merchandising, human resources, and operations. In his SVP role, he led initiatives involving merchandising, supply chain, stores, and guest experience. Before joining Target, he worked at Deloitte Consulting.
In the interim, Tritton's duties will be assumed by general merchandising managers Christina Hennington and Jill Sando.
Hennington has been at Target since 2003, and had been in charge of essentials, beauty, hardlines and services in her general merchandising role. In her interim position, she will be responsible for merchandising planning and capabilities teams.
Sando joined in 1997, and managed apparel, accessories, and home in her previous role. She will assume Tritton's responsibilities for owned brand sourcing, design and brand management.
Tritton, who was Target's merchandising officer, had led many of its recent store revamps, such as introducing private- label products. He also helped Target secure collaborations with big-name brands such as Vineyard Vines and Hunter Boots.
"Mark brought a tremendous amount of energy to his role as our chief merchant," said Cornell. "His focus on developing the next generation of leadership, establishing a comprehensive merchandising strategy and re-energizing our owned brand portfolio are among his most meaningful contributions."
Shares of Target fell less than a percent in extended trading Wednesday, and are up more than 65% this year. The stock hit an all-time intraday high of $111.25 on Wednesday, bringing Target's market cap to more than $56.3 billion.