Executive PepsiCo financier, Jim Lee, identified as CFO
Target Appoints Jim Lee as New Chief Financial Officer
Target has announced that Jim Lee will join the company as its new Chief Financial Officer (CFO), effective from Sunday. The news comes following the departure of Michael Fiddelke, who had served as both CFO and COO since February 2021.
Jim Lee brings a wealth of experience to his new role at Target, having spent over 25 years at PepsiCo in various roles. Most recently, he held the position of deputy chief financial officer, where he led the finance teams for PepsiCo's international business.
Lee expressed his excitement about pivoting from the consumer products industry to retail and mentioned that he has been walking stores in recent weeks, taking mental notes on things he'd like to learn more about. He also expressed his belief in Target's growth potential and its competitive advantages.
In his new role at Target, Lee will oversee accounting, investor relations, and financial planning and analysis, among other things. He will also be a member of Target's leadership team.
As part of his compensation package, Lee will receive an annual base salary of $850,000, a cash sign-on bonus of $2.2 million, and an award of stock with a target value of nearly $7 million. He will also be eligible for a prorated annual cash incentive of up to 100% of the base salary.
Target is focusing on three growth drivers: comparable sales, new stores, and other revenue, with comps expected to serve as a primary source of growth. The company's second-quarter sales rose by 2.6% to $25 billion, up from $24.4 billion last year.
Michael Fiddelke will continue to serve as COO, having taken on the dual role following the retirement of former COO John Mulligan. Fiddelke's tenure as CFO began in November 2019.
The appointment of Jim Lee as CFO was highlighted in a company blog post.
[1] Target Press Release: Target Announces Jim Lee as Chief Financial Officer
[2] Bloomberg: Target Appoints Jim Lee as CFO
[3] Reuters: Target Names Jim Lee as New CFO
[4] The Wall Street Journal: Target Taps Jim Lee as CFO
[1] Target has appointed Jim Lee as the new Chief Financial Officer (CFO), taking over from Michael Fiddelke who served in the dual role of CFO and COO since February 2021.
[2] With a wealth of experience from PepsiCo, including his most recent role as deputy chief financial officer for international business, Lee is expected to bring new perspectives to Target's finance department.
[3] In his new role, Lee will play a vital part in Target's growth strategy, focusing on key drivers like comparable sales, new stores, and other revenue.
[4] The appointment of Jim Lee as CFO marks an exciting new chapter in Target's business leadership, as he joins the company with an approach that blends finance expertise with a keen interest in the retail sector.
