Here are just a few of the interesting executive changes making headlines over this past week:
Target Promotes Current CFO and Hires Former Walmart Finance Exec
On August 17 discount retailer Target announced that its CFO, John Mulligan, would be promoted to the newly created role of EVP and COO. The change is effective September 1. Mulligan’s new duties will include control of retail sites, materials management, and real estate. Cathy Smith will replace Mulligan as CFO. Smith joins Target from Express Scripts, a prescription benefit firm with revenue exceeding $100 billion. Previously, Smith worked for both Walmart International and Game Stop. Both executives will report to CEO Brian Cornell.
Reddit Poaches Its First CTO from Pinterest
Social media company Reddit’s recycled CEO, Steve Huffman, has hired his company’s first CTO. Marty Weiner, a founding engineer of Pinterest, has been hired to expand the Reddit team and influence a more diverse company culture. Reddit has a reputation for fostering controversial and even offensive content, and its users tend to skew overwhelmingly male. Pinterest, on the other hand, has a large female fan base. No doubt Weiner was offered a sweet deal to jump ship at Pinterest, which has yet to see its IPO.
CFO Leaves Goodrich amid Falling Oil and Stock Prices
Texas crude producer Goodrich Petroleum lost CFO Jan Schott last Wednesday to an undisclosed private company. This revelation happened as the company’s stock plummeted to less than $1 per share for almost 30 consecutive days. Low oil prices are leaving many US oil companies to file for Chapter 11 protection or to restructure until the current market glut lowers, enabling higher barrel prices to finance further production. Goodrich itself is selling much of its investment in Eagle Ford Shale to EP Energy to reduce its existing debt. President and COO Robert Turnham will assume CFO duties until a replacement for Schott is found.
Look for more Executives On The Move next week!