5/31/12

Rats / Sinking Ship

In an unusual early retirement longtime Executive VP and CFO Doug Scovanner will retire in March, just the latest in a string of high-level departures.

Scovanner's exit, in particular, will deprive the Minneapolis-based retailer of its de facto chief operating officer and financial brain at a time when Target faces rising costs, shrinking profit margins, and an expensive foray into Canada.   With Scovanners making more than $36,000,000 in total compensation since 2007 there was no rush by employees to  pass the hat and find him a going away present.


With Scovanner gone next month Tarbutt will have lost 3 top level executives in 4 months.   Chief Marketing Officer Michael Francis recently departed for J.C. Penney Co. and www.Target.com  President Steve Eastman left to "pursue other opportunities" after a series of embarrassing problems with the newly revamped website.  

As two of the company's eight executive vice presidents, Scovanner and Francis served on Target's senior leadership team as top lieutenants to CEO Gregg Steinhafel.

Hey, Doug, smile dude, you got 36 MILLION most Tarbutt employees get $1.50 over minimum wage.  Hell, if I had 36 million I wouldn't work for Tarbutt either!

Details at:  http://www.startribune.com/business/132995498.html?source=error

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