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Reuters is reporting this morning that PepsiCo exec Brian Cornell, who formerly worked at Sam's Club, has been named CEO of Target.

As of now, Cornell's bio is still up on the PepsiCo site, saying that "prior to his current position, he was president and CEO of Sam’s Club, a division of Wal-Mart Stores, Inc., where he also served as an executive vice president of the company. Prior to joining Sam’s Club, Brian held the position of executive vice president and chief marketing officer for Safeway and had responsibility for the company’s marketing, merchandising, manufacturing, distribution operations as well as the company’s on-line home delivery business … Earlier in his career, Brian held several general management positions at PepsiCo, including president of Tropicana, president of PepsiCo beverages for Europe and Africa, and president of PepsiCo North America Foodservice."
KC's View:
When Cornell went to PepsiCo in March 2012, if I recall correctly, there was some scuttlebutt that CEO Indra Nooyi might not be around much longer, and that Cornell's recruitment from Sam's was a way of deepening the bench and setting up a potential successor. Maybe Cornell got tired of waiting, or maybe he just missed retail. But from what I know of him, Target just landed a big fish, and the retailing waters just got a little more interesting.