Pepsi Executive Brian Cornell will be joining Target as the retailer’s new CEO. Cornell has had a long, diverse and non-consecutive career at Pepsi and was considered an outside contender to succeed Indra Nooyi.
Over the past two years Cornell ran PepsiCo’s Americas Foods business, reported The Wall Street Journal.
Cornell replaces Gregg Steinhafel as chief executive. Steinhafel left following a massive data breach, falling revenues, declining foot traffic and an increasing public perception that Target was loosing its grip on the market as the classier alternative to Walmart.
One of the earlier decisions that Cornell faces is whether or not Target will continue an expansion into Canada that already has cost the company $1.6 billion, reported The Wall Street Journal. The new CEO will also have to redevelop Target’s struggling e-commerce division, which only generates 2 percent of total sales. This comes as competitor Walmart’s online operations are expanding faster than Amazon’s.
Cornell will officially take the reins at Target on August 12th. CFO John Mulligan will continue to serve as interim head until that time.
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