Target promoted CFO to new role as the company continues to reshape its business

Target is making more executive changes, promoting Chief Financial Officer John Mulligan to the newly created role of chief operating officer.

Mulligan, who also will become executive vice president, assumes oversight of stores, supply chain and properties effective Sept. 1. The company also named Cathy Smith, a seasoned retail executive, to replace Mulligan as CFO.

Mulligan and Smith will report to Chairman and CEO Brian Cornell, who has been reshuffling management at Target Corp. since he took over last August.

Monday's changes come nearly two months after the Minneapolis retailer said that Kathyrn Tesija, an executive vice president, would shift to a strategic advisory role until she leaves the company in April.