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Jul 31, 2014 7:50 AM by Chelsea DeCesare

Target names Pepsi's Cornell as chairman, CEO

MINNEAPOLIS (AP) - Target has hired Pepsi executive Brian Cornell as its new chairman and CEO as it looks to recover from a huge data breach and troubles in Canada.

Cornell replaces interim CEO John Mulligan, who is chief financial officer for the Minneapolis company. Mulligan stepped into the interim CEO post in May when Target Corp.'s Gregg Steinhafel resigned following a large data breach in the runup to Christmas.

Cornell, 55, most recently served as CEO of PepsiCo Americas Foods. Prior to that, he was CEO and president of Sam's Club of Wal-Mart International and CEO of Michaels Stores Inc.

PepsiCo Inc. said in a statement Thursday that it expects to announce Cornell's successor soon.

Cornell is set to become Target's CEO on Aug. 12.

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