Target Hires CFO Away From PepsiCo
Target Corp. – which recently beat expectations for its second quarter performance – has made some changes at the top. The mass retailer tapped Jim Lee as its CFO and member of its leadership team.
Lee succeeds Michael Fiddelke, who has spearheaded the finance function as part of his COO role and was first named CFO in November 2019. The new CFO will lead financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services and corporate development.
Lee joins Target from PepsiCo, where his 25-year career culminated in the CFO position. During his tenure at that leading CPG, he led global teams in a range of finance and business development areas of business. One of his roles was chief strategy and transformation officer at PepsiCo Beverages North American, where he steered development and mergers and acquisitions.
Target’s Chair and CEO Brian Cornell welcomed Lee to the expanded executive team. "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," he said. "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."
In an interview on the company’s website, Lee said he is a “lifelong” Target shopper and believes the company’s future as it emerges from a challenging period. “I’m excited to immerse myself in a new industry. I’ve been in consumer products at PepsiCo for 26 years and I’m excited to dive into the pace and complexity of retail. In fact, I’ve been walking Target stores in the last several weeks, taking mental notes about things I’m eager to learn more about. I’m naturally very curious and it will be energizing to learn all about what makes the company so beloved by consumers,” he asserted.
Fiddelke, meanwhile, will continue in his COO role, per Target’s company profile.
Minneapolis-based Target Corp. is No. 7 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America, with nearly 2,000 locations. PG also included the company on its Retailers of the Century list.
