Target names PepsiCo exec as new chief financial officer

Target has hired a PepsiCo executive as its new chief financial officer, the latest move in a series of recent leadership changes at the Minneapolis retailer.

Jim Lee, the former deputy chief financial officer for Pepsi, will officially start in his new role next week, replacing Michael Fiddelke, who will then fully assume the role of chief operating officer, a job opening left by departing longtime executive John Mulligan, who is retiring, according to a Thursday morning release.

As chief financial officer, Lee will be a key, public-facing member of Target’s leadership circle. He will direct financial planning and analysis, accounting, investor relations and other aspects of Target’s finances.

“Jim will complement the strong and tenured leadership currently in place on our finance team,” said Target CEO Brian Cornell in a statement. “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.”

Lee has spent more than 25 years at Pepsi, where he had various responsibilities that included leading PepsiCo’s international business and earlier guiding the finances of PepsiCo Beverages North America.

“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,” Lee said in a statement.

Last month, Amy Tu, who used to work at Tyson Foods and Boeing, was selected as Target’s chief legal and compliance officer and corporate secretary to replace Don Liu.