Target managing director Launa Inman has announced her resignation today, after almost seven years at the helm of the iconic Australian retailer.
Inman, who was appointed to her role as managing director of Target in 2005, said that she will remain in her current role until a replacement is in place, which is expected to be early 2012.
In a statement released earlier today, Inman said she felt the time was right to move on from Target, but she departs with a transformation program to position Target for long-term success in place.
“I am very proud of what the team and I have achieved together during my time as managing director. I have had almost seven very rewarding years in the role. The timing is right for me and for Target that I now transition out of the business,” she said.
“Target has been an incredibly successful retailer for many years. Over the past six months the team and I have been pressure testing our strategy and working on a number of projects to ensure target's long-term sustainable growth. I am very confident with the quality of Target's senior management team and the plans now in place, Target is set up for success.”
Richard Goyder, managing director of
Target's parent company Wesfarmers said Inman had performed well in
her role as target managing director and was key in bringing Target
seamlessly into the Wesfarmers Group following the company’s
takeover of the former Coles Group businesses in 2007.
“Launa
has been a highly valued member of our leadership team,” Goyder
said.
“[She] is held in extremely high regard, nit just in Wesfarmers, but in the wider Australian business community.”
Going forward Wesfarmers said it would undertake a global search for a new leader to take the business into the next stage of its development.
In July this year, Wesfarmers reported that Target's earnings fell 26 per cent to $280 million for the 2010-11 financial year, citing a difficult trading environment. Target sales also dropped slightly to $3.782 billion.