Written by Savyata Mishra
(Reuters) – U.S. retailer Target on Thursday named longtime PepsiCo executive Jim Lee as chief financial officer effective Sept. 22.
Lee replaces Michael Fiddelke, who was named chief operating officer of the company earlier this year after serving as chief financial officer since late 2019.
Lee has more than 25 years of financial, strategic and business experience and was most recently deputy CFO of PepsiCo.
In his previous role, he was in charge Pepsico (NASDAQ:) global tax, treasury, investor relations and environmental, social and governance reporting functions, and led the beverage maker’s international business finance teams.
At Target, he was tasked with overseeing its financial planning and analysis, financial strength, internal audit and business development.
“We believe Lee’s experience in food and beverage will be an asset to Target as the company looks to expand its offering and value in the category,” said Jefferies analyst Corey Tarlowe.
The CFO’s appointment comes ahead of the crucial holiday season, when retailers are sharpening their strategies to attract hawker shoppers.
The Minneapolis-based company returned to comparable sales growth in August after several sluggish quarters. It raised its full-year profit forecast as shoppers who visit big box stores for discounted food and everyday household items end up browsing elsewhere.
In an effort to win over price-sensitive shoppers, Target has slashed prices on more than 5,000 popular items this year, including bread, soda, paper towels and pet food.
In January, Fiddelke was named chief operating officer to replace longtime CEO John Mulligan. At the time, Target said Fiddelke would step down as CFO after the rebranding.
