Target Taps PepsiCo for New CEO in Brian Cornell
Target Corporation is still picking itself up after the fallout from its massive security breach last November, restructuring its corporate governance with the resignation of several high ranking executives – up to and including Target CEO Gregg Steinhafel stepping down in May 2014. That resignation left CFO John Mulligan in charge of the nearly-2,000 location discount retail chain until an appropriate replacement could be found to lead the chain forward. Nearly three months later, Target has found that leader in Brian Cornell – the first CEO brought in from outside in Target’s history.
Effective as of August 12, Brian Cornell will be stepping up to the plate as the new CEO and Chairman of the Board at Target Corporation. With the intense turnover of Target’s executive team over the past year, it makes sense that the brand looked elsewhere for a CEO with previous experience – but if he didn’t come from Target, where did Cornell get the experience that Target needs?
Cornell was brought over from PepsiCo, where he had served as CEO of the brand’s Americas Foods division since 2012. It’s a smart move, as Cornell has a proven track record: PepsiCo recently posted an expectation-exceeding 4 percent sales growth in its Americas Foods division, thanks to Frito-Lay and further growth in the global snacks segment. Numbers like these show that Cornell knows how to aggressively move a brand forward toward growth, while Cornell’s prior roles as CEO of Michaels Stores and President and CEO of Walmart subsidiary Sam’s Club shows that Cornell also has the chops to carry a major retail chain. According to a press release from Target, that combination of traits is exactly what the chain is looking for in a new chief executive:
Cornell also expressed optimism about the new role he’s taking on, and his plans for moving forward:
It’s a bold move, and a new direction for Target. But this injection of a fresh vision could be just what the brand needs to put a troubled year behind it and take business to the next level.
Lidl's climate targets and carbon neutral ambition
Discount retailer Lidl has announced its aim to reduce CO2 emissions from its own operations.
By 2030, Lidl aims to reduce its operational emissions by 80% across all 32 countries it operates in.
Lidl lowering prices and carbon emissions
To achieve this, Lidl will focus on cutting carbon emissions across its retail stores and distribution centres in a number of ways:
- Solar panel installation on all new stores, where possible
- Improving overall energy efficiency through investment in the latest refrigeration and lighting technologies
- Lidl will operate 350 electric vehicle charging points at its stores by 2022
- The company will also oblige suppliers, representing 75 % of product-related scope 3 emissions, to commit to their own climate protection targets according to the methodology of the Science Based Targets initiative, by 2026
- Lidl will continue to support farmers in Lidl GB’s Grassroots programme, to conduct develop carbon reduction plans.
Lidl’s ambitious targets to make a significant contribution
Lidl has been building partnerships with other suppliers to boost sustainability, such as its initiative with Wyke Farms to produce a supermarket-first carbon neutral cheddar and Lidl’s commitment to ban peat from its compost range by 2022.
“With the UK hosting COP26 in November, this is a crucial year in the fight against climate change and we recognise our responsibility to reduce our emissions to help tackle this important issue”, said Christian Härtnagel, CEO at Lidl GB. “As part of the Schwarz Group, Lidl has a presence in 32 countries around the world and more than 310,000 employees globally. We’re therefore one of Europe’s largest retail businesses and through these ambitious targets we hope to make a significant contribution by not only rapidly decarbonising our own operations but also supporting our suppliers to do the same. As a discounter, it is ingrained in us to be constantly looking to maximise efficiency and reduce waste. Whether it’s how we heat and light our stores, or how we transport food from our suppliers to our warehouses, we are continuing to find ways to cut emissions across our business.”