Brian Cornell Named Target's New Chairman, CEO

Former PepsiCo executive Brian Cornell has been tapped by Target TGT to assume top ranks at the struggling retailer.

Cornell, 55, will replace John Mulligan, who has been the interim CEO since Gregg Steinhafel stepped down as CEO three months ago.

Cornell will be expected to leverage his experience at PepsiCo where he was head of its Americas Foods business. Target hopes to compete and gain market share in the ultra-competitive food space and gain market share from traditional grocers like Kroger. Cornell's prior experience as the head of Wal-Mart's Sam's Club chain of warehouses would likely prove to be valuable, as Target continues to struggle with inventory issues and mounting losses in Canada.

Cornell will be tasked with leading Target in an environment that has never faced such intense competition. Wal-Mart continues with its plans to build its Neighborhood Market store format, while a combination of Family Dollar and Dollar Tree could end up taking a portion of Target's customer base.

Shares of Target were trading at $61.00 in the pre-market session after closing at $61.38 on Wednesday.