Target taps outsider as CEO for needed shakeup

NEW YORK – Target is bringing in an outsider as its CEO for the first time as the retailer fights to redefine itself to shoppers. The Minneapolis-based company said Thursday that it named PepsiCo executive Brian Cornell to the top spot, replacing Chief Financial Officer John Mulligan, who had been keeping the seat warm since May. The announcement comes roughly three months after Target CEO Gregg Steinhafel resigned.