PepsiCo veteran joins Target C-suite
Target Corporation has found its new chief financial officer.
Effective Sept. 22, Jim Lee will join the retailer as CFO and a member of its leadership team. In his new role, Lee 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.
Lee comes to Target with 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 approximately $35 billion in annual revenue.
Prior to that, as senior VP of finance of PepsiCo Beverages North America, Lee led financial planning and analysis, and finance functions for brand and innovation, franchise bottlers, supply chain and business development.
Lee succeeds Michael Fiddelke, Target's chief operating officer, who was named to the new role in February of this year but continued to serve as CFO until a replacement was named.
"As a successful leader in finance and strategy, Jim will oversee the central role our finance team plays in fueling our long-term profitable growth," said Brian Cornell, chair and CEO at Target. "With decades leading core finance functions and nurturing growth, Jim will complement the strong and tenured leadership currently in place on our finance team. From his consumer centric leadership, to his strategy, business development and corporate governance experience, Jim will be a great addition to our leadership team as we focus on driving Target's roadmap for growth."
The leadership move is one of several recent changes for Target. In August, the Minneapolis-based retail giant named Tyson Foods veteran Amy Tu as its next chief legal and compliance officer and corporate secretary. In June, Target named Christina Hennington, previously chief growth officer, as chief strategy and growth officer, while Rick Gomez, previously chief food, essentials and beauty officer, was tapped as chief commercial officer, overseeing Target's merchandising business.
[READ MORE: Target shakes up leadership team; starts search for new chief marketing officer]
"I'm excited to join a team and a brand that I have so much respect for, and I'm eager to get immersed in the retail industry," said Lee. "With a clear strategy, a differentiated shopping experience and a brand that consumers love, Target's competitive advantages are a strong foundation for long-term growth."
Target Corp. operates nearly 2,000 stores and the Target.com website.
