Target hires PepsiCo exec as CEO

• 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.