Investigation prompts shock exit from Target exec

Target MD Stuart Machin has announced his resignation, parting with the retailer in controversial circumstances.

The resignation is with immediate effect.

“During my tenure at Target, although the financial results were frustratingly disappointing, I feel we made enormous progress in reshaping a very troubled business,” Machin said.

“Latterly, I have been dismayed to learn of the accounting issues at the half year. I was not aware of these, but they happened on my watch and as managing director I accept my share of the responsibility. The right thing is now for me to move on."

The issues centre around the supplier deals which allegedly inflated first half earnings for the year.

Wesfarmers MD Richard Goyder said he had accepted Machin’s resignation.

“Consistent with my experience of working with Stuart, he has co-operated well with the investigation,” Goyder said.

Target confirmed issues were first raised regarding Target’s accounting for commercial income as at 31 December 2015.

It is understood the outcome of investigations will be finalised soon.