Target names Brian Cornell CEO

Target named former PepsiCo executive Brian Cornell as the retailer's new CEO Thursday, nearly three months after former CEO Gregg Steinhafel stepped down as the brand dealt with the aftermath of a reputation-threatening holiday data breach and difficulties with its Canada stores.

Cornell, 55, replaces interim CEO John Mulligan, who stepped in when Steinhafel resigned in May. He will leave his post as CEO of PepsiCo Americas Foods, where he oversaw the brand's snack business including Frito-Lay North America and Quaker Foods.

Cornell also previously served as CEO of Sam's Club and Michael's craft stores.

'As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target's transformation,' said Roxanne Austin, interim non-executive chair of the board, in a release.

Target shares are down slightly in premarket trading by 0.62% to $61.

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