Target Hires Pepsi Executive as New CEO

Target(MINNEAPOLIS) -- Target announced on Thursday it has hired Brian Cornell as its new chairman and CEO.

Cornell, 55, most recently served as the CEO of PepsiCo Americas Foods. Prior to that, he held the title of president and CEO of Sam’s Club, CEO of Michaels Stores, Inc., and was the executive vice president and chief marketing officer for Safeway.

Cornell replaces John Mulligan, who became Target's interim CEO when Gregg Steinhafel resigned from the top post in May following a giant data breach that exposed tens of millions of customers' credit and debit cards.

"I am honored and humbled to join Target as the first CEO hired from outside the company," Cornell said in a statement Thursday. "I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand."

Cornell's new title will be effective starting Aug. 12.


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