Since the resignation of Target CEO Gregg Steinhafel, the retailer has decided to work with recruitment firm Korn Ferry to seek a new chief executive from outside the company, something Target has never attempted before.
According to CNN Money, Paula Rosenblum, managing partner at Retail Systems Research, named Kevin Turner, the COO of Microsoft, as an interesting choice. Turner got his start at Wal-Mart, and was eventually named Chief Information Officer and CEO of its Sam’s Club division. Not only does Turner have the retail background, but as the COO of Microsoft, his technological expertise may prove to be invaluable for the retailer since last year's massive data breach.
Carol Spieckerman, a retail consultant whose clients include Target suppliers, named HSN Inc. CEO Mindy Grossman, Bon-Ton Stores Inc. chief Brendan Hoffman, Gap Inc. head Glenn Murphy, and Victoria’s Secret CEO Sharen Turney as potential candidates, according to Bloomberg Businessweek.
Les Berglass, chairman of Berglass & Associates, an executive search firm that specializes in the retail business, also named Sharen Turney as a potential choice for Target.
However, Berglass also named Karen Katz, the CEO of Neiman Marcus. Target needs someone at the helm who has proven they can deliver the right “aspirational” message to consumers, said Berglass, and this may be where Katz can fit in the best, CNN Money reports.
And finally, there’s Alan Mulally, soon to be ex-CEO of Ford. Although he lacks the retail background, John Wood, Vice Chairman at Executive Search Firm Heidrick and Struggles, says that Mulally could “set the right tone” for employees and find the right people to work with. “He is responsible for the current culture at Ford – one of transparency,” said Wood.
Interestingly, Howard Davidowitz, principal at Davidowitz & Associates, a national retail consulting company and investment bank, says that Target may hire a second CEO to helm the technology side of the business. Could we potentially see two CEOs joining Target in the near future?
Stay tuned to DeliMarket TV as we follow Target’s search for its next CEO.