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Gregg Steinhafel
Target taps Cornell of PepsiCo as CEO, chairman

Target Corp. on Thursday named Brian Cornell, a senior executive at PepsiCo Inc., to be its new chief executive, becoming the first outsider to lead the nation's fourth-largest retailer. Cornell, 55, will also become the chairman of the Minneapolis-based company's board, a role played by all of Target's previous CEOs. He succeeds Gregg Steinhafel, who was fired in May after nearly six years as CEO and five as chairman as the company struggled under the weight of missed sales expectations, a rocky expansion into Canada and a massive data breach. "We focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target's...