Target names PepsiCo's Brian Cornell as new CEO - KMSP-TV

Target names PepsiCo's Brian Cornell as new CEO

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MINNEAPOLIS (KMSP) -

Target has a named a new chief executive officer. PepsiCo's former CEO Brian Cornell will serve as the company's next chairman of the Board of Directors and CEO starting Aug. 12.

Former CEO Gregg Steinhafel, a 35-year Target employee and CEO since 2008, resigned in early May in the wake of a giant malware attack that compromised the credit and debit card information of 40 million customers. Personal information for an additional 70 million customers is also believed to have been compromised.

CORNELL'S BACKGROUND


Cornell, 55, has served as CEO of PepsiCo Americas Foods, president and CEO of Sam's Club, CEO at Michaels Stores, Inc. and executive vice president and chief marketing officer for Safeway.

"I am honored and humbled to join Target as the first CEO hired from outside the company. I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand," said Cornell. "As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation."

Cornell earned a Bachelor's Degree from UCLA and attended the Anderson Graduate School of Management. He currently serves on the Board of Visitors at the Anderson Graduate School of Management and the Board of Directors at Polaris Industries.

CEO STEPS DOWN

On May 5, Target announced Steinhafel would be stepping down from his post. He will be given a severance package worth $15.9 million, according to documents filed with the Securities and Exchange Commission.

Chief financial officer John Mulligan was named interim CEO prior to Cornell's hiring.

In a letter to Target's Board of Directors, Steinhafel cited other challenges during his tenure, including the recession and a struggling 127-store expansion into Canada.

16% PROFIT DROP IN 1ST QUARTER


Target reported a 16 percent first quarter profit drop and said the company earned $418 million, or 66 cents per share, in the quarter ended May 3. That compares with $498 million, or 77 cents per share a year ago. Revenue rose 2.1 percent to $17.1 billion. Analysts had expected earnings of 71 cents on revenue of $16.97 billion.

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