Target has announced that it will fill its open CEO slot with Brian Cornell, currently CEO of the Americas Foods division of PepsiCo. In his current role, which he assumed in March 2012, Cornell overseas the Quaker, Frito-Lay and all of the Latin American businesses. Cornell replaces Greg Steinhafel, who stepped down in May as a result of the cyber-security debacle in December.
With a total of more than 10 years at Pepsico, Cornell, 55, was one person being groomed for the corner office at the soft drink company to eventually replace Pepsi’s current CEO Indra Nooyi, according to The Wall Street Journal.
With weak year-long sales, fixing Target’s tattered reputation is not the only challenge Cornell will be facing as he assumes his new position.
“Brian Cornell is a proven and trusted retailer,” says Joseph M. Pastore, Jr., Ph.D., is Professor Emeritus in Residence at Pace University’s Lubin School of Business in New York. He’s seen Target from the outside, as a partner and supplier, “and now he has the chance to manage it from the inside.”
Pastore doesn’t anticipate major strategic change under Cornell’s leadership, however. “That’s not because he cannot do it. It’s more because strategic change among major retailers comes slowly. What they sell is mostly what’s been sold for decades. How they sell is where change occurs and that is not likely to happen until Target is returned to more stable fundamentals.”
“Cornell will play an important turnaround and organizational transformation role,” says Pastore. However, “If major strategic change is to occur, I think it will be led by Cornell’s successor who Target no doubt hopes will inherit a stronger Target thanks to Cornell’s efforts.”
Cornell’s three years at rival Wal-Mart, prior to his tenure at PepsiCo, likely played a role in his hire, and will serve him well in this new leadership role as he looks to rebuild this torn and tattered brand.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
