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Minneapolis (AP)

Target names new chief financial officer

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Target is promoting John Mulligan to chief financial officer. The move is effective April 1.

Mulligan, 46, is replacing Doug Scovanner. He had been CFO for 18 years and said in November that he would step down.

Mulligan has been with discount retailer Target for 16 years in a variety of positions. Most recently he was senior vice president, finance.

Scovanner will remain with Target part time until November 2012.

The company has rebounded after consumers cut back on spending during the recession, but the rebound has been uneven. Minneapolis-based Target earlier this month lowered its fourth-quarter earnings expectations following disappointing December sales. Net income in its most recent quarter rose 4 percent while sales rose 5.4 percent.

(Copyright 2012 by The Associated Press. All Rights Reserved.)