Target names PepsiCo exec as new chief financial officer

Target taps Jim Lee who will replace Michael Fiddelke and head finances at the Minneapolis retailer.

The Minnesota Star Tribune
September 19, 2024 at 3:29PM
Target named a Pepsi executive as its new chief executive. (David Zalubowski/The Associated Press)

Target has hired a PepsiCo executive as its new chief financial officer, the latest move in a series of recent leadership changes at the Minneapolis retailer.

Jim Lee, the former deputy chief financial officer for Pepsi, will officially start in his new role next week, replacing Michael Fiddelke, who will then fully assume the role of chief operating officer, a job opening left by departing longtime executive John Mulligan, who is retiring, according to a Thursday morning release.

Jim Lee (Target Corp)

As chief financial officer, Lee will be a key, public-facing member of Target’s leadership circle. He will direct financial planning and analysis, accounting, investor relations and other aspects of Target’s finances.

“Jim will complement the strong and tenured leadership currently in place on our finance team,” said Target CEO Brian Cornell in a statement. “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.”

Lee has spent more than 25 years at Pepsi, where he had various responsibilities that included leading PepsiCo’s international business and earlier guiding the finances of PepsiCo Beverages North America.

“I’m excited to join a team and a brand that I have so much respect for, and I’m eager to get immersed in the retail industry,” Lee said in a statement.

Last month, Amy Tu, who used to work at Tyson Foods and Boeing, was selected as Target’s chief legal and compliance officer and corporate secretary to replace Don Liu.

about the writer

Nicole Norfleet

Retail Reporter

Nicole Norfleet covers the fast-paced retail scene including industry giants Target and Best Buy. She previously covered commercial real estate and professional services.

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