Target Taps PepsiCo’s Jim Lee as New CFO

Target has picked longtime PepsiCo executive Jim Lee as its new chief financial officer (CFO).

Lee, who spent more than 25 years with the food and beverage giant, will join Target’s leadership team Sept. 22, the retailer announced Thursday (Sept. 19).

“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,” Target Chair and CEO Brian Cornell said in a news release.

“With decades leading core finance functions and nurturing growth, Jim will complement the strong and tenured leadership currently in place on our finance team.”

Lee’s most recent role was as PepsiCo’s deputy finance chief, leading the finance teams for the company’s $35 billion international business. He has also led financial planning and analysis, and finance functions for brand and innovation, franchise bottlers, supply chain and business development, the release added.

“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,” said Lee. “With a clear strategy, a differentiated shopping experience and a brand that consumers love, Target’s competitive advantages are a strong foundation for long-term growth.”

Lee succeeds Michael Fiddelke, who had been serving as both chief operating officer and CFO at Target since earlier this year.

PYMNTS has been examining the changing role of the CFO, with finance leaders saying the job of the chief financial officer role has never been more strategic.

“The CFO role has evolved from being a historian, looking at and delivering reports that are dated, to becoming a strategic partner in decision-making and not just documenting that decision-making,” Brian Unruh, CFO at global artificial intelligence (AI) company ABBYY, said in an interview for the PYMNTS “A Day In The Life of a CFO” series.

This evolution, the report noted, has been fueled by developments in technology, evolving market dynamics, and a rising need for sustainable growth.

“The finance department exists to fuel decision frameworks,” said Unruh, pointing out that the “timely, accurate, and multidimensional data” finance department provides each day to the rest of their business is what helps define and accelerate internal growth drivers.