Target Stock Rises After Former PepsiCo Exec Jim Lee Named New CFO: Retail’s Not Impressed Yet

Target Corporation (TGT) has announced former PepsiCo executive Jim Lee as the CFO    and a member of its leadership team effective Sept. 22. Shares of the firm were up over 1% in Thursday’s pre-market session as of 7:21 a.m. ET.

Lee will be responsible for financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services and corporate development.

Lee has over 25 years of experience in finance, strategy, team and culture leadership at PepsiCo. As the firm’s deputy CFO, he oversaw its global tax, treasury, investor relations and environmental, social and governance reporting functions.

He has also served on multiple boards during his PepsiCo career, including Tropicana Brands Group and Celsius Holdings.

Apart from Lee’s new role at Target, the firm has been in the news following its dividend declaration. Target’s board has announced a quarterly dividend of $1.12 per common share, payable Dec. 10, 2024 to shareholders of record at the close of business Nov. 20, 2024.

Recently, the firm also announced the Target Circle Week from Oct. 6 to Oct. 12, where it is offering its largest holiday assortment, including thousands of items with more deals and savings.

The firm is investing in its existing team and hiring approximately 100,000 additional seasonal team members. More than half of last year's seasonal team members were offered a position to stay with Target.

Notably, a lot of positives appear to be converging for the department store stock. The company, in its latest earnings report, not only topped analyst estimates on revenue and profit,  but also raised its profit guidance.

The stock recently climbed above its 200-day moving average (DMA) and is sustaining above the line.

The latest developments, however, have failed to please Stocktwits followers of the ticker, with the sentiment meter dipping into the ‘bearish’ territory (33/100) from the ‘neutral’ zone.

Bearish followers of the firm on Stocktwits believe the stock may see some correction in the near term.

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