Dive Brief:

• Big box retailer Target has selected an executive from PepsiCo as its new chief executive officer, according to the Wall Street Journal.
• Brian Cornell, 55, is a PepsiCo veteran who was seen as a possible successor to CEO Indra Nooyi. His most recent job was running the PepsiCo Americas Food business, which includes the Lay's and Quaker Oats brands. 
• The move comes as the retailer struggles with lagging sales, online competition, and a consumer base frightened by a massive data breach.

Dive Insight:

At first glance, Cornell's appointment is a bit of surprise: The company has never hired an outsider for the top job before. But spend a little time looking at his resume, and he seems like the obvious choice.

In addition to his experience with PepsiCo, Cornell was also once the president and CEO of Sam's Club, and has worked for supermarket giant Safeway and arts-and-crafts retailer Michael's.