After Gregg Steinhafel stepped down as Target’s CEO in May in light of Target’s massive holiday security breach, a new CEO has been appointed. Target has hired former Pepsi executive, Brian Cornell, as its new chairman and CEO. He will begin his new position on August 12th.
Cornell, 55, was the CEO of PepsiCo Americas Food. Before that, he held the position fo CEO and president at Wal-Mart’s Sam’s Club.
Target has had a difficult year. While many people are still loyal to the store, the massive security breach was not handled well. Target has more than 1,900 stores in the U.S. and Canada, and had almost $73 billion in revenue in 2013. A massive data breach gave hackers access to many customer’s credit information. The worst part? This information was kept secret from customers for months.
“Target is full of talented individuals, and Target guests routinely share stories of their personal love of the brand,” said Mr. Cornell, who attended University of California, Los Angeles, and its Anderson School of Management. “These are powerful assets.”
Cornell has been in talks with Target for several weeks, after people in the Minneapolis business community mentioned he’d be a good candidate, according to the Wall Street Journal.
Target is currently being led by the Chief Financial Officer, John Mulligan, and a group of top executives.
PepsiCo Inc. said in a statement Thursday that it expects to announce Cornell’s successor soon.