Target Appoints Former 7-Eleven CEO Joe DePinto to Board of Directors

Target Corp. on Wednesday named former 7-Eleven CEO Joe DePinto to its board of directors, bringing a seasoned retail executive into its leadership as it navigates a strategic turnaround.

A Veteran Joins the Board

DePinto, who led the convenience store giant 7-Eleven for nearly two decades, will officially join Target's board on August 1, according to the company's announcement. He brings over 30 years of experience in the retail and consumer sectors, including previous senior leadership positions at PepsiCo and GameStop.

Upon joining, DePinto will serve on two key board committees: the Infrastructure and Finance Committee, and the Audit and Risk Committee. His appointment follows a recent shareholder vote that rejected a proposal to require an independent board chair.

Context for the Appointment

The move comes as Target works to regain momentum after a period of sluggish sales growth. The retailer has faced pressure as consumers pulled back on discretionary spending and shifted toward lower-priced competitors like Walmart and Amazon.

Ad

Under new CEO Michael Fiddelke, who took over from longtime chief Brian Cornell earlier this year, Target has focused on sharpening its value proposition. Key initiatives include lowering prices, improving inventory management, and refreshing its product assortments to attract shoppers.

Early Signs of Progress

Target's turnaround efforts have shown some initial positive results. In May, the company raised its annual sales-growth forecast for the first time in two years after reporting stronger-than-expected quarterly earnings.

Despite the improved outlook, Target cautioned that a challenging macroeconomic environment could continue to weigh on consumer demand. DePinto's extensive experience is expected to provide valuable guidance as the retailer continues to execute its strategy.