Target innovation chief jumps to CPG company
Minsok Pak has quietly left Target Corp. after two years in a C-level role overseeing strategy and innovation.
Pak, who joined Target in September 2017 as executive VP and chief strategy and innovation officer, has taken the position of executive VP, chief strategy and transformation officer of Mondelēz International, Inc. Mondelēz provides snack brands in over 150 countries and reported 2018 net revenues of $26 billion.
In his new role, Pak will be responsible for enterprise strategy as well as strategic growth opportunities, including mergers and acquisitions, new business, and digital transformation initiatives. He will also lead SnackFutures, the company’s innovation and venture hub.
In his previous position at Target, Pak had oversight of Target’s enterprise strategy and innovation efforts and helped lead the development and implementation of the company’s growth strategy. Prior to Target, he served as senior VP, Lego retail/shopper marketing and channel development at The Lego Group, based in London. He began his career at McKinsey & Company, where he spent nearly two decades in various roles, including global leadership positions.
Pak will report directly to Dirk Van de Put, chairman and CEO, and will be a member of the Mondelēz international leadership team effective Jan. 13, 2020. Target has not made any public announcement of Pak’s departure or a possible replacement, and Pak’s LinkedIn profile still shows his Target position as of Dec. 23, 2019.
“Minsok brings extensive international experience developing and implementing enterprise strategies and growth initiatives in the consumer and retail sectors,” said Van de Put. “His track record of accelerating growth and driving transformation, together with his detailed understanding of the global consumer landscape, will be an asset to Mondelēz International as we continue to lead the future of snacking. We are pleased to welcome him and look forward to his contributions to our future growth.”
“This is an exciting time for me to join Mondelēz International as the company continues to execute on its consumer-focused strategy and grow its strong portfolio of brands around the world,” said Pak. “I look forward to working with the team to identify new opportunities for growth and innovation.”