Target Corp. has named Mike McNamara chief information officer, replacing the data-security veteran brought in last May to guide the company after a disastrous data breach in 2013.
The departing CIO, Bob DeRodes, joined Minneapolis-based Target after holding various positions in the U.S. Department of Homeland Security and Department of Defense. He was tasked with shoring up the company’s digital practices and will serve briefly in a senior advisory role before retiring.
McNamara was chief information officer at the U.K.-based supermarket chain Tesco PLC. At Tesco, he introduced “scan-as-you-shop” capabilities and headed the chain’s technology office in India.
Target’s data breach in late 2013 compromised personal information affecting up to 70 million people and was one of the challenges that forced out former chief executive Gregg Steinhafel in May. In July, Target named PepsiCo. Inc. executive Brian Cornell as its new chief executive, turning to an outsider for the first time in its history.
Earlier this month, the company said it would exit its money-losing operations in Canada to focus on reviving its sluggish U.S. businesses.
— Dow Jones Newswires
POLYMET GETS $30M FROM GLENCORE
PolyMet Mining Corp. said Monday it has landed $30 million from its minority owner, Switzerland-based Glencore, to cover expenses for this year.
The loan from the global commodities giant will come in four quarterly installments, with $8 million already delivered in January, another $8 million in April and July and $6 million in October.
Toronto-based PolyMet will pay 8 percent interest on the loan it needs to keep moving forward on its proposed copper-nickel-precious metals mine near Hoyt Lakes.
Polymet is proposing Minnesota’s first-ever copper mine, an open-pit project that awaits state and federal environmental approval. Regulators are expected to announce this spring whether the environmental review so far is enough to allow the project to move ahead.
— Forum News Service
MORE TOP-INCOME FILERS THAN EXPECTED
More people filed in Minnesota’s top income tax bracket than expected in 2013 despite warnings from critics that a tax increase would drive high earners out of the state.
The state’s Department of Revenue reports the newly formed income tier saw 6,230 more filers than expected, totaling 60,630.
A law passed in 2013 by the DFL-controlled Legislature created the new bracket and raised taxes for individuals making $150,000 or more and couples making $250,000 or more.
— Associated Press
BRIEFLY
Otter Tail Corp., Fergus Falls, said it raised its quarterly common stock dividend to 30.75 cents per share. … H.B. Fuller, Vadnais Heights, said it has finalized the purchase of Continental Products Ltd., a provider of industrial adhesives to the East and Central Africa markets. … Bio-Techne Corp., Minneapolis, announced a dividend of 32 cents per share for the quarter ended Dec. 31.
