Target Names Jim Lee Chief Financial Officer

Rhea-AI Summary

Target (NYSE: TGT) has announced the appointment of Jim Lee as its new Chief Financial Officer, effective September 22, 2024. Lee, with over 25 years of experience at PepsiCo, will oversee Target's finance function and join its leadership team. He succeeds Michael Fiddelke, Target's chief operating officer.

Lee's responsibilities will include financial planning and analysis, accounting, investor relations, treasury, tax, risk, and corporate development. His extensive experience includes roles as PepsiCo's deputy CFO and leadership positions in various international markets. Target's CEO, Brian Cornell, expressed confidence in Lee's ability to drive the company's long-term profitable growth.

Positive

• Appointment of Jim Lee, an experienced finance leader with 25+ years at PepsiCo
• Lee's extensive experience in finance, strategy, and business development
• Lee's background in managing large-scale operations ($35 billion in revenue at PepsiCo's international business)
• Potential for fresh perspectives and strategies in Target's finance function

Negative

• None.

News Market Reaction

+1.88%

1 alert

+1.88% News Effect

On the day this news was published, TGT gained 1.88%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• A highly skilled leader with more than 25 years of financial, strategy and business experience at PepsiCo, Lee will oversee Target's finance function and join its leadership team
• Lee succeeds Michael Fiddelke, Target's chief operating officer

MINNEAPOLIS, Sept. 19, 2024 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced that Jim Lee has been named chief financial officer and a member of its leadership team effective Sept. 22. 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. He succeeds Michael Fiddelke, Target's chief operating officer.  

"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, 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."       

"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."   

Lee brings 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 revenue. Prior to that, as senior vice president, finance, of PepsiCo Beverages North America, he led financial planning and analysis, and finance functions for brand and innovation, franchise bottlers, supply chain and business development. 

During his career, Lee has led global teams in a wide range of business development and finance functions across North America, Europe and Asia, including serving as CFO for several of PepsiCo's international regions. He also served as chief strategy and transformation officer of PepsiCo Beverages North America, leading transformation for PepsiCo's largest sector, including business development and mergers and acquisitions.   

Jim has served on multiple boards during his PepsiCo career, including Tropicana Brands Group and Celsius Holdings. 

A Q&A with Lee is available on Target's corporate website. 

About Target 

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center.

 

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SOURCE Target Corporation

FAQ

Who is Target's new CFO and when does he start?

Jim Lee has been named Target's new Chief Financial Officer, starting his role on September 22, 2024.

What is Jim Lee's professional background before joining Target (TGT)?

Jim Lee has over 25 years of experience at PepsiCo, most recently serving as the company's deputy chief financial officer and overseeing various global financial functions.

What responsibilities will Jim Lee have as CFO of Target (TGT)?

As CFO, Jim Lee will be responsible for financial planning and analysis, accounting, investor relations, treasury, tax, risk, financial products and services, and corporate development at Target.

Who did Jim Lee replace as CFO at Target (TGT)?

Jim Lee succeeds Michael Fiddelke, who is Target's chief operating officer.