Target hires PepsiCo exec as CEO

|About: Target Corporation (TGT)|By:, SA News Editor

Target (NYSE:TGT) is hiring PepsiCo executive Brian Cornell as its new CEO and will appoint him to the position on Aug.12.

For the last several months Target CFO John Mulligan was placed as the company's interim chief exec, following the resignation of CEO Gregg Steinhafel in May.

The incoming CEO is faced with pressing tasks of fixing Target's disastrous Canadian expansion and restoring retail profit and customer confidence.

This was corrected on 07/31/2014 at 09:09 AM. Edited to correct and clarify headline.