Target names former Sam's Club exec CEO

The wait is over. Target has named Brian Cornell as its new chairman and CEO, replacing Gregg Steinhafel, who departed May 5.

Cornell, 55, will join Target August 12. He brings more than 30 years of retail and CPG experience.

Cornell most recently served as CEO of PepsiCo Americas Foods where he oversaw the company's global food business, the largest of PepsiCo's four divisions. Before joining PepsiCo in 2012, Cornell served as president and CEO of Sam's Club, a division of Walmart Stores. Cornell also held the position of CEO at Michaels Stores and previously acted as executive VP and chief marketing officer for Safeway.

As Target's new CEO, Cornell's top priorities will be accelerating the company's performance and advancing Target's omnichannel evolution, according to a company statement.

"As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target's transformation," said Roxanne Austin, interim non-executive chair of the board. "The board is confident that Brian's diverse and broad experience in retail and consumer products as well as his passion for leading high performing teams will propel Target forward."

"I am honored and humbled to join Target as the first CEO hired from outside the company," Cornell said.  "I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand. As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation."

Target has cleaned house in recent months, shedding top executives in the aftermath of a massive data breach in late 2013 that compromised the credit and personal information of more than 70 million shoppers. The company is also compensating for its under-performing entry into Canada, where losses total more than $1 billion to date.

For more:
-See this Target press release

Related stories:
Target fires head of Canadian operations 
Target still reeling from data breach, failed Canada expansion
Target hires three new tech execs in digital buildout
Target apologizes to Canadian shoppers
Target CEO shakes up executive committee