Target names former Sam's Club exec as CEO

Target Corp. named retail and consumer products veteran Brian Cornell as its new CEO and chairman of the board, effective Aug. 12.

Minneapolis -- Target Corp. on Thursday named retail and consumer products veteran Brian Cornell as its new CEO and chairman of the board, effective Aug. 12.

Cornell, 55, most recently served as CEO of PepsiCo American Foods. Before joining Pepsi in 2012, he served as president and CEO of Sam's Club. Cornell also held the position of CEO of Michaels Stores and, prior to that, executive VP and chief marketing officer of Safeway.

Cornell is the first Target CEO to be hired from outside the company. The retailer said his top priorities would be accelerating the company's performance and advancing its omnichannel evolution.

"I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand," Cornell said. "As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation."