Target names new chief information officer

Target (TGT) named Tesco executive Mike McNamara as executive vice president and chief information officer Tuesday, replacing Bob DeRodes, who is retiring after less than a year with the company.

Target shares closed up 2.18% to $75.87.

McNamara is the second new CIO at Target since the retailer overhauled its leadership following 2013's holiday-season data breach. He will head the retailer's digital efforts and omnichannel strategy as well as information security. He will report to CEO Brian Cornell, who started at Target in August.

"Technology is critical for Target's future success. So finding the right leader for this role was one of my absolute top priorities," Cornell said in a statement. McNamara has served as CIO at U.K.-based grocery chain Tesco since 2011, where he helped modernize the company's supply chain, launched an innovation lab and brought in-store technologies like "scan-as-you-shop," according to Target.

In a statement, McNamara called the job "a dream opportunity."

When DeRodes took the job last May, his focus was improving Target's information security as it dealt with the aftermath of millions of customers having personal and card data stolen during the 2013 holiday season. Cornell said DeRodes played a crucial role helping the company prepare for the holiday season 2014 and naming Target's first chief information security officer, Brad Maiorino.

DeRodes will serve as a senior adviser to the company, while Maiorino and other executives in the technology services division will lead daily operations until McNamara takes over later this year, says spokesperson Katie Boylan.