Brian Cornell, then president and CEO of Sam's Club, speaks during the Wal-Mart Stores Inc. shareholders' meeting in Fayetteville, Ark., in this June 4, 2010 file photo.
April L. Brown—AP
By Noah Rayman
July 31, 2014

Target announced a new CEO Thursday as it looks to rebound from the damage wrought last year by a massive data breach that prompted former CEO Gregg Steinhafel’s resignation.

PepsiCo exec Brian Cornell, the former head of Sam’s Club, will take over at Target, replacing interim CEO John Mulligan, the company said in statement.

Steinhafel stepped down in May, months after an embarrassing data breach affected up to 110 million customers and cut into company profits. When he resigned, Target said Steinhafel had held himself “personally accountable” and “pledged that Target would emerge a better company.”

On Thursday, Target said Cornell, the former CEO of PepsiCO Americas Foods, would help “bring vision, focus and a wealth of experience to Target’s transformation.”

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