Target Names Jim Lee Chief Financial Officer

By Colin Kellaher

Target has hired veteran PepsiCo executive Jim Lee as the retailer's top finance officer.

Target on Thursday said Lee joins on Sept. 22 as chief financial officer and a member of its leadership team after more than 25 years at PepsiCo, where he most recently served as deputy finance chief.

The Minneapolis retailer earlier this year promoted Michael Fiddelke, its chief financial officer since November 2019, to chief operating officer. Fiddelke has remained finance chief while Target was searching for a successor.

Target said Lee, 50 years old, will receive an annual base salary of $850,000 and an annual bonus with a target of 100% of his base pay.

Lee will also get a $2.2 million cash sign-on bonus and a sign-on award of restricted stock units with a target payout value of $6.95 million for compensation left behind at PepsiCo.

Write to Colin Kellaher at colin.kellaher@wsj.com

Corrections & Amplifications

This was corrected at 7:00 a.m. ET because the original version incorrectly reported that the company named Jim Lee chief financial officer on Wednesday.

(END) Dow Jones Newswires

September 19, 2024 07:03 ET (11:03 GMT)

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