Target Corp. has announced that CFO Doug Scovanner will retire from the US retailer.

The company yesterday (1 November) confirmed that Scovanner would leave the role at the end of March. He will remain with the company for the next five months to assist with the transition.

Target has not yet found a successor it said: "Target's reputation for attracting and developing exceptional talent throughout its organization has resulted in a strong leadership bench."

The announcement is the latest in a series of executives to exit the US retailer in recent months. Steve Eastman, president of Target.com, left the company to pursue other opportunities in mid-October, while JC Penney poached Target's chief marketing officer, Michael Frances, earlier in the month to become its new president.

Scovanner has served in his current role since 1999, beginning his career at the Dayton Hudson Corporation as SVP for finance in 1994.

"Throughout his tenure with the company, Doug has been a valuable partner in developing and executing our strategy," Target chairman, president and CEO Gregg Steinhafel said.

"He has made many significant contributions to Target, and as a result of his financial leadership, Target continues to deliver outstanding sales and earnings growth and generate superior returns for our shareholders. I am grateful that we will continue to benefit from his experience and expertise during this extended transition timeframe."