US retailer Target Corp. has promoted John Mulligan to the position of CFO.

Mulligan, senior vice president for finance, replaces Doug Scovanner, who announced in November that he would retire after 18 years in the role.

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In November, Target reported higher third-quarter profits and sales. The retailer, that runs over 1,700 stores in the US, is scheduled to report its annual results next month.

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