Target Corp. has hired PepsiCo Inc. executive Brian Cornell as its new CEO. According to USA Today, this is the first time Target has hired outside of its corporate branch, and it is looking to bring in a fresh perspective following former CEO Gregg Steinhafel’s business difficulties.
The new head honcho has come at the perfect time because Target has been struggling to repair itself from complications in its Canada stores as well as other concerning commerce downfalls. Cornell replaced interim CEO John Mulligan, who stepped in after Steinhafel stepped down, according to The Huffington Post.
“As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation,” said Roxanne Austin, interim non-executive chair of the board, according to USA Today.
Target is in desperate need of a transformation after the holiday season brought a data breach that drove customers away. The Wall Street Journal reported that Target has 1,900 stores in the United States and Canada, and Cornell has big decisions to make in order to effectively bring business back to these stores.
Cornell’s plan of action is still underway, but he remains confident in Target’s foundation and its potential to regain a positive reputation. “Target is full of talented individuals, and Target guests routinely share stories of their personal love of the brand. These are powerful assets,” said Cornell, according to The Wall Street Journal.
Cornell officially begins his CEO duties on Aug. 12.
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