Key facts
- Target appointed Joe DePinto, former CEO of 7-Eleven, to its board of directors.
- DePinto has over 30 years of experience in the retail and consumer sectors.
- He previously held senior roles at PepsiCo and GameStop.
- DePinto will join the board on August 1 and serve on key committees.
- The appointment comes as Target focuses on improving inventory, product assortment, and value proposition.
Target has appointed Joe DePinto, the former chief executive of 7-Eleven, to its board of directors, adding an experienced industry veteran to its leadership team. DePinto, who led the convenience store operator for nearly two decades, brings over 30 years of experience across the retail and consumer sectors, having also held senior roles at PepsiCo and GameStop.
The appointment comes as Target, under new CEO Michael Fiddelke, works to sustain a turnaround and regain sales momentum after a period of sluggish growth. Fiddelke, who took over earlier this year, has been focusing on improving inventory availability, strengthening product assortment, and enhancing the retailer's value proposition through initiatives like price reductions and fresher product offerings.
These efforts have shown early signs of success, with Target raising its annual sales-growth forecast in May after stronger-than-expected quarterly results. However, the company has cautioned that a challenging macroeconomic environment could continue to impact demand.
DePinto's addition to the board also follows a recent shareholder vote that rejected a proposal requiring an independent board chair, a measure prompted by the company's decision to move former CEO Brian Cornell into the executive chair role. DePinto is set to join the board on August 1 and will serve on the infrastructure and finance, and audit and risk committees.