July 22 (Reuters) – Target on Wednesday named former 7-Eleven CEO Joe DePinto to its board, adding an industry veteran as the retailer works to sustain a turnaround under new CEO Michael Fiddelke.
DePinto, who led convenience-store operator 7-Eleven for nearly two decades, brings over 30 years of experience across the retail and consumer sectors. He has also held senior leadership roles at PepsiCo and GameStop.
The appointment comes as Target seeks to regain momentum after several years of sluggish sales growth, which saw shoppers gravitate toward lower-priced rivals and pull back on discretionary purchases.
Since taking over as CEO earlier this year from longtime chief Brian Cornell, Fiddelke has focused on improving inventory availability, strengthening product assortment and sharpening the retailer’s value proposition.
The company has been lowering prices and releasing fresher products on the shelves to compete with aggressive pricing strategies of rivals such as Walmart and Amazon.
The efforts have shown early signs of success. In May, Target raised its annual sales-growth forecast for the first time in two years after posting stronger-than-expected quarterly results.
It, however, cautioned that a tough macroeconomic backdrop could continue to pressure demand.
DePinto’s appointment also follows a shareholder vote last month rejecting a proposal that would have required the board’s chair to be an independent director. The measure was prompted by Target’s decision last year to move Cornell into the role of executive chair.
The retailer said DePinto will join its board on August 1 and serve on infrastructure and finance, and audit and risk committees.
(Reporting by Koyena Das in Bengaluru; Editing by Maju Samuel)
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