For the first time in the company’s history, Target Corporation has appointed an outsider as its CEO. Effective August 12, Brian Cornell , a former PepsiCo Inc. executive will try to turn around Target’s year of lost customer confidence and store traffic.
Cornell will attempt to pick up the pieces left by Gregg Steinhafel who was removed three months earlier. During the holiday season of 2013, a massive data breach caused the theft of over 40 million payment card numbers and 70 million other pieces of customer data. The event unsurprisingly had a chilling effect on business. Keeping customers away and increasing scrutiny on Target’s data security efforts. Despite recent efforts to improve sales by offering discounts, the Wall Street Journal reported the company forecasts that, “same-store sales will be flat to slightly up in the U.S. for the quarter that ends August 2.”