Target Hires New Ceo

Target Corp. (Minneapolis) has named Brian Cornell its new chief executive officer. Cornell, ceo of PepsiCo Americas Foods, PepsiCo’s fourth-largest division, assumes his new post August 12. The chain, troubled of late by lagging sales and a widespread customer data breach late last year, has been searching for a successor to Gregg Steinhafel since the ceo’s resignation in May. 

Before joining Pepsico, Cornell, 55, served as president and ceo of Sam’s Club. He is the first Target ceo to be hired from outside the company.  In a company statement, Cornell said, “As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation.”