Target hires PepsiCo vet Jim Lee as CFO

Target on Thursday announced the appointment of longtime PepsiCo vet Jim Lee as its chief financial officer, one of several recent executive moves made by the Minneapolis-based retailer. 

Lee, who succeeds Chief Operating Officer Michael Fiddelke, will be responsible for financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services, and corporate development. Fiddelke, who had held the finance post since 2019, was named COO early this year. 

Lee brings more than 25 years of experience in finance, strategy, team, and culture leadership at PepsiCo. Most recently as the company’s deputy chief financial officer, he oversaw its global tax, treasury, investor relations, and environmental, social, and governance reporting functions, and led the finance teams for PepsiCo’s international business, comprising about $35 billion in revenue.

“I’m excited to immerse myself in a new industry,” said Lee. “I’ve been walking Target stores in the last several weeks, taking mental notes of things I’m eager to learn more about.”

Hiring someone with a lengthy tenure in packaged beverages likely signals Target’s further commitment to its grocery business. 

The retailer has shuffled its c-suite in recent months.

In June, Target promoted Christina Hennington and Rick Gomez to new leadership positions and named Lisa Roath, who was the chief marketing officer, to oversee the food and beauty categories.

Hennington, who had been Target’s chief growth officer, was named chief strategy and growth officer, and Gomez was named chief commercial officer after previously serving as the retailer’s chief food, essentials, and beauty officer.

“As we execute our 2024 plans and look to the future, we’re putting key leaders and capabilities in place to sustain profitable growth over the long term,” Target CEO Brian Cornell said at the time of the Hennington, Gomez, and Roath news.

Adding to Target’s executive moves, Cornell himself has said he plans to retire in 2025.

Target missed earnings projections in the first quarter after posting a 3.7% year-over-year decrease in comparable-store sales following a year in which overall sales fell 1.7%.

The retailer recovered in the second quarter: comparable sales grew by 2% and traffic increased 3% year over year with all six merchandising categories.

“Among the drivers of our comp sales, we’re pleased that our second quarter growth was driven entirely by traffic, reflecting the combined benefits of the multiple guest-focused initiatives we outlined in our financial community meeting back in March,” Cornell said during the second quarter earnings call.