Sept 19 (Askume) – U.S. retailer Target (TGT.N) on Thursday appointed longtime PepsiCo executive Jim Lee as its chief financial officer, effective Sept. 22.
Lee replaces Michael Fiddelke, who has served as finance director since late 2019 and was appointed the company’s chief operating officer earlier this year.
Lee has more than 25 years of experience in finance, strategy and operations, most recently serving as deputy chief financial officer of PepsiCo (PEPO.O) .
In his previous role, he oversaw PepsiCo’s global tax, finance, investor relations and environmental, social and governance reporting functions and led the finance team for the beverage maker’s international operations.
At Target, he was tasked with overseeing financial planning and analysis, financial capabilities, internal audit and corporate development.
“We believe Lee’s experience in food and beverage will be beneficial to Target as the company seeks to expand its offerings and value in this category,” Jefferies analyst Cory Tarlow said.
The chief financial officer’s appointment comes ahead of the crucial holiday season, when retailers are ramping up their strategies to attract bargain-seeking shoppers.
The Minneapolis-based company reported comparable sales growth in August after several sluggish quarters . Raise full-year profit forecastShopping volumes increased as shoppers began to head to big-box retailers for discounted food and everyday household items and also shopped in other aisles .
To attract more price-conscious shoppers, Target has cut prices on more than 5,000 popular items this year, including bread, soda, paper towels and pet food.
In January, Fidelke was named chief operating officer, replacing longtime executive John Mulligan . At the time, Target said Fidelke would step down as treasurer after a replacement was named.
