Target names Pepsi's Cornell as chairman, CEO

Target has hired Pepsi executive Brian Cornell as its new chairman and CEO as it looks to recover from a huge data breach and troubles in Canada.

Cornell replaces interim CEO John Mulligan, Target's chief financial officer who stepped in after Gregg Steinhafel resigned following the large data breach in the runup to Christmas, according to the Associated Press.

The 55-year-old Cornell most recently worked as CEO of PepsiCo Americas Foods. Pepsi plans to announce his successor soon.

Read more from the Associated Press.