Target Corp. may have a new chief executive officer, but Wall Street’s reaction shows the amount of work ahead.
Target’sshares fell 2.9 percent Thursday to close at $59.59 on the New YorkStock Exchange even as the retailer removed a major uncertainty bytapping Brian Cornell, former ceo of PepsiCo Americas Foods, as chairmanand ceo, effective Aug. 12. While Cornell has solid retail experiencewith stints at Sam’s Club and Michael’s, and has fast-moving consumergoods covered through the PepsiCo job, retail experts said he might lackthe digital experience needed to create Target 2.0. Nonetheless, theretailer said Cornell’s top priorities will be accelerating thecompany’s performance and advancing Target’s omnichannel evolution.Target’s profit has fallen for six consecutive quarters.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"