Business

Target taps outsider as CEO for needed shakeup

By CANDICE CHOIMICHELLE CHAPMAN
Published July 31, 2014 8:00pm ET
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Target taps outsider as CEO for needed shakeup
This undated image provided by Target Corp. shows newly named CEO Brian Cornell. The Minneapolis-based company on Thursday, July 31, 2014 said that it named the PepsiCo executive to the top spot, replacing John Mulligan, who had been acting as interim chief executive since May. (AP Photo/Target Corp.) | Uncredited

NEW YORK (AP) — Target is bringing in an outsider as its CEO for the first time as the retailer fights to redefine itself to American shoppers.

The Minneapolis-based company said Thursday that it named PepsiCo executive Brian Cornell to the top spot, replacing Chief Financial Officer John Mulligan, who had been keeping the seat warm since May.

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