UPDATE 3-Target replaces president of money-losing Canadian unit

Tue May 20, 2014 3:38pm EDT
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* Target replaces Canadian president with 15-year U.S. veteran

* Shakeup comes two weeks after firing of CEO

* Target to announce 1st-qtr financial results on Wednesday

* Shares down more than 2 pct (Adds analyst comment, company background, updates stock price)

By Susan Taylor

TORONTO, May 20 (Reuters) - Target Corp has fired the president of its money-losing Canadian operation and named a long-time U.S. executive with operational experience to try to repair its supply chain woes and win back customers.

The third-biggest U.S. retailer, which will report quarterly financial results on Wednesday, said that vice president of merchandising operations Mark Schindele would immediately replace Tony Fisher as president of Target Canada.

Target shares were down more than 2 percent on Tuesday afternoon, echoing declines from two weeks ago when the company fired Chief Executive Officer and Chairman Gregg Steinhafel, who led the company during a massive data breach in December.

Some analysts said that Target needs to look beyond its ranks to address profound problems in Canada, which lost $941 million before interest and taxes last year, while generating $1.3 billion in sales. It had initially forecast a profit as early as the fourth quarter of 2013.   Continued...