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Target names Pepsi executive as new CEO
Target Inc. announced Thursday morning that Brian Cornell, who most recently headed the global food business for PepsiCo, will be its new CEO and chairman of the board, effective Aug. 12.
Target has named Brian Cornell as CEO, effective Aug. 12.
Minneapolis--Target Inc. announced Thursday morning that Brian Cornell, who most recently headed the global food business for PepsiCo, will be its new CEO and chairman of the board, effective Aug. 12.
Cornell replaces Gregg Steinhafel, who resigned from the position in May amid the fallout from a massive cyber-attack that compromised the confidential information of millions of customers and sluggish sales.
John Mulligan, Target’s chief financial officer, has been serving as interim president and CEO since then, with Steinhafel serving in an advisory capacity during the transition.
As the new CEO, Cornell’s main responsibilities will be to accelerate the company’s performance and advance Target’s omnichannel evolution, the company said in a statement.
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He joins the company with more than 30 years of experience at leading retail and consumer product companies. He most recently served as CEO of PepsiCo Americas Foods where he oversaw the company’s global food business.
He has also had stints as president and CEO of Sam’s Club, CEO of Michaels Stores Inc., and executive vice president and chief marketing officer for Safeway.
“As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation,” said Roxanne Austin, interim non-executive chair of the board. “The board is confident that Brian’s diverse and broad experience in retail and consumer products as well as his passion for leading high-performing teams will propel Target forward.”
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