Target's new CEO just put veteran members of his C-suite on the shelf in first big shakeup | Fortune

"Rick Gomez, the 23-year Target veteran who oversees the chain's vast inventory of merchandise, will leave the company. And Jill Sando, the chief merchandising officer overseeing a handful of categories like apparel and home and who has been with the company since 1997, will retire. Lisa Roath, who oversaw food, essentials and cosmetics, will take Fiddelke's previous job as chief operating officer, the company said Tuesday."

"The changes will allow Target to move with greater speed, Fiddelke said. 'It's the start of a new chapter for Target, and we're moving quickly to take action against our priorities that will drive growth within our business,' Fiddelke said in a release. Gomez and Sando will remain with the company for a short time to help with the transition, but the changes become effective Sunday. Also on Tuesday, the company reiterated its profit guidance."

"It is also increasing investment in store staffing at stores while eliminating about 500 jobs at distribution centers and regional offices, according to a memo sent to employees that Target shared with The Associated Press. It is the first substantial change under Fiddelke, a 20-year company veteran who took over for Brian Cornell this month. The company's decision to choose an insider surprised many industry analysts who believe the company needs new ideas as it tries to revive sales."

Michael Fiddelke is reshuffling Target's leadership with Rick Gomez leaving and Jill Sando retiring. Lisa Roath will become chief operating officer and Cara Sylvester will become chief merchandising officer. Gomez and Sando will assist during a short transition and the changes take effect Sunday. Target reiterated profit guidance while increasing investment in store staffing and eliminating about 500 distribution and regional jobs. Fiddelke, a 20-year company veteran who recently took the top job, faces operational and sales challenges as stores show disheveled conditions, consumers cut spending, and the company has faced boycotts and backlash.

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