"We need to be cool again."

About Cornell: When Cornell arrived at Minneapolis-based Target in August, he became the retailer's first CEO to come from outside the company. A former executive at PepsiCo and Sam's Club, he has already been out front and center in his new role, especially during the holiday season.

Personal file: A big sports fan, Cornell closely follows the teams of his beloved alma mater — UCLA. One of his role models was the legendary UCLA basketball coach John Wooden.

What's big in 2015: Cornell is expected to announce a long-term vision for Target in the early part of this year. He has already laid out some of his early priorities — reclaiming the retailer's cheap-chic reputation in signature categories such as apparel and home; exploring smaller-format stores for future growth; and accelerating online and mobile to transform Target into a leading omnichannel retailer. But there are still lots of questions: Will there be a shake-up in the leadership ranks? Will Target start retreating from its expansion in Canada after its rocky debut? And what areas might he look to for cost savings?

Final word: "As we plan for the future, we will take a channel-agnostic view of our growth, allowing our guests to interact with us where and when they want, online, in stores and on their mobile device. And because an increasing number of Target visits begin on a digital platform, we will continue to push ourselves to innovate and build capabilities and features into our digital experience that will inspire our guests while removing friction from their daily lives."