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Target taps Pepsi executive Brian Cornell to serve as its new chairman and CEO

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FILE - President and CEO of Sam's Club Brian Cornell speaks during the Wal-Mart Stores Inc. shareholders' meeting in Fayetteville, Ark., in this June 4, 2010 file photo. Target Corp. is bringing in Cornell as its new chief executive, turning to an outsider for the first time in its history to repair a battered corporate culture and navigate a sea change in Americans' shopping habits. (AP Photo/April L. Brown, File) (The Associated Press)

Target has hired Pepsi executive Brian Cornell as its new chairman and CEO as it looks to recover from a huge data breach and troubles in Canada.

Cornell replaces interim CEO John Mulligan, who is chief financial officer for the Minneapolis company. Mulligan stepped into the interim CEO post in May when Target Corp.'s Gregg Steinhafel resigned following a large data breach in the runup to Christmas.

Cornell, 55, most recently served as CEO of PepsiCo Americas Foods. Prior to that, he was CEO and president of Sam's Club of Wal-Mart International and CEO of Michaels Stores Inc.

PepsiCo Inc. said in a statement Thursday that it expects to announce Cornell's successor soon.

Cornell is set to become Target's CEO on Aug. 12.