Minneapolis -- Scott Kennedy was named president of Target financial and retail service to replace long time finance executive Terry Scully.
Scully spent nearly 35 years with Target and is moving into a strategic advisory role to ensure the smooth transition of the recently sold credit card portfolio to TD Bank Group. Scully, 60, will officially retire in March 2014. Filling his shoes as head of financial and retail services is Scott Kennedy, 44. He joined Target in 2005 and currently serves as VP of pay and benefits.
Scully joined Target in 1979 and held a variety of financial and credit card roles. In 1998, he became VP finance for Target Financial Services and was elevated to his current role in 2003.
The moves come as Target completed the $5.7 billion sale of its entire consumer credit card portfolio to TD Bank Group. The companies entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target credit card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions.
Target plans to maintain the current deep integration between its financial services operations and its retail operations and the agreement will not have any impact on Target’s 5% REDcard Rewards program.