Target Names New Chief Strategy And Innovation Officer
By Christine Kern, contributing writer
Minsok Pak will lead enterprise strategy, development, and retail innovation.
Target has named Minsok Pak as executive vice president, chief strategy and innovation officer, effective Sept. 11, according to a company press release. Pak replaces Casey Carl, who held the office until April, and will report to CEO Brian Cornell.
“Minsok brings deep business acumen and proven leadership capabilities to Target. Throughout his career, he has counseled numerous companies and led through significant times of change. He brings strategic vision, an innovative spirit and an ability to address complex business challenges by capturing near-term opportunities and charting a course for the future,” said Cornell.
In his new role, Pak will be responsible for the retailer’s enterprise strategy, development and retail innovation with the goal of enhancing the guest experience and accelerating growth. He will also oversee business development, including mergers, acquisitions, partnerships and joint venture initiatives.
“As we build an even better Target for tomorrow, we must plan purposefully to drive growth and continue instilling innovation in every part of our business. I am confident Minsok is the right leader to fill this critical role,” asserted Cornell.
Pak comes to Target with extensive experience from his two decades at McKinsey & Company, where he served as chief of its digital transformation group and as leader of the firm’s own internal digitization initiative. He more recently served as senior vice president of LEGO Retail at The LEGO Group, responsible for leading its branded retail channel, including more than 250 stores and e-commerce sites across 24 markets. Other positions include: executive vice president and chief strategy officer at LG Electronics and managing director at private equity firm Actium Corporation.
“Target has a legacy of innovating within the retail space, including their unique design partnerships, compelling brand portfolio, and investments in the shopper experience. I've long admired the company’s enviable brand positioning and loyal following,” said Pak. “I aim to build on that foundation, developing strategies for the future that drive innovation across the entire company and focus on further enhancing the guest experience, fueling growth, and ultimately positioning Target to succeed in a dynamic retail environment. I look forward to working with Brian and the Target team to accelerate the work already underway.”
When asked about the challenges that lie ahead for him, Pak replied: “Retailing used to be about brick and mortar – having convenient locations, the right products on shelves, and the best prices. That’s no longer the case. With digitization, consumers have a lot more options and access. They have higher expectations when it comes to experiences, personalization, and engagement. In order to succeed, retailers must fundamentally change their business models.”