Target (TGT) has named Michael Fiddelke as its new executive vice president and chief financial officer effective on Nov. 1.

Fiddelke has more than 15 years of experience working at Target, previously serving as senior vice president of operations. He also held roles in the finance, merchandising, human resources, and operations divisions of the retailer.

In his new role, Fiddelke will be responsible for the financial planning, analysis, financial operations, internal audit, accounting, investor relations, treasury, tax, and risk of the company. He will also oversee Target’s Financial and Retail Service, including guest relations and financial management of products such as the RedCard.

To aid the transition, Cathy Smith will serve as a strategic advisor to the company, starting on Nov. 1. She will continue this role until May 1, 2020.

Fiddelke came to Target from Deloitte Consulting. He has a Master’s of Business Administration from Northwestern University’s Kellogg School of Management and a Bachelor of Science in Industrial Engineering from the University of Iowa.

“After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” Brian Cornell, chairman and CEO at Target, said.

“With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results. He is respected as a highly collaborative business partner and will bring a modern approach to financial and enterprise leadership for Target,” he added.

Target also announced the departure of Mark Tritton. As announced by Bed Bath and Beyond, Tritton, who previously chief merchant at Target, has taken the position of president and CEO with the retailer.

Christina Hennington and Jill Sando will serve as interim leaders of Target’s merchandising organization with Tritton’s exit. Both Hennington and Sando were named as senior vice president and general merchandising managers in January. They will report to CEO Brian Cornell in the interim period.

Target said it is not planning an external search to fill Tritton’s role at this time.

Shares of Target stock were down 0.59 percent as of 11:36 a.m. ET on Thursday.

Target A sign is seen on the exterior of a Target store July, 18, 2006 in Chicago, Illinois. Photo: Scott Olson/Getty Images