Reloads The Supply Chain Bench As Change Continues...

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Reloads The Supply Chain Bench As Change Continues...

Broadlines & Hardlines

TARGET CORPORATION (TGT) May 19, 2026

Reloads The Supply Chain Bench As Change Continues... Rating:

Peer PerformWSJ reported this morning that Target will hire Jeff England, Chief Supply Chain Price:

Officer of QXO, to serve as Target's Chief Global Supply Chain and Logistics $123.40

Officer. He will replace Gretchen McCarthy, who has served in the role for nearly 4 Price Target:

NAyears and will depart in August. We view the announcement as another example

of Fiddelke making the changes needed to return Target to growth. We've seen Source: FactSet, Wolfe Research

significant operational changes at Target over the last 6 months, but there is still Priced as of 05/18/26

an opportunity to improve out-of-stocks, speed up delivery times, and reconfigure

their largely fulfill-from-store eCommerce model.

(+) Fiddelke Continues to Make More Changes Than Expected. When Fiddelke was

announced as CEO, many investors questioned whether he would usher in the change

needed, given that he had been at the company for decades. The results today again Spencer Hanus

suggest he's willing to make the necessary changes, with a slate of new execs across shanus@wolferesearch.com (646) 582-9344

merchandising, supply chain, and store teams. He also conducted the first rift in years, View Spencer’s Research

which we think jump-started the org. View TGT Model

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(+) Jeff England Strong Supply Chain Exec... 20 Yrs at WMT Recent Stops at QXO

& GPC. Jeff England started his career at Walmart and then spent 20 years advancing Sebastiansholtmeier@wolferesearch.comHoltmeier

through the ranks, eventually landing as an SVP on the Supply Chain team. Jeff left