Can a Pepsi exec bring more fizz to Target?
Target has appointed its first outsider as CEO—Brian Cornell, former CEO of PepsiCo Americas Foods.
Cornell, who also served as president and CEO of Sam’s Club, will be company chairman as well.
He replaces CEO Gregg Steinhafel, a company vet who resigned in May following a string of bad news, including flat sales and a massive credit card breach.
At PepsiCo Americas Foods, Cornell oversaw the company’s global food business, the largest of PepsiCo’s four divisions, as well as Frito-Lay North America, Quaker Foods, and all of PepsiCo’s Latin American food and snack businesses.
Roxanne S. Austin, interim nonexecutive chair of the board, said that the board hopes to establish Target as a “top omnichannel retailer.”