The new chief financial officer will join the retailer on Sept. 22 after more than 25 years at the drinks maker, where he most recently served as deputy CFO.

U.S. retailer Target on Thursday named long-time PepsiCo executive Jim Lee as its chief financial officer effective Sept. 22. Lee succeeds Michael Fiddelke, who was appointed as the company's chief operating officer early this year after serving as its finance chief since late 2019.

Jim Lee, the former deputy chief financial officer for Pepsi, will officially start in his new role next week, replacing Michael Fiddelke, who will then fully assume the role of chief operating officer, a job opening left by departing longtime executive John Mulligan, who is retiring, according to a Thursday morning release, .

Target on Thursday announced the appointment of longtime PepsiCo vet Jim Lee as its chief financial officer, one of several recent executive moves made by the Minneapolis-based retailer.

Lee succeeds Michael Fiddelke, who has spearheaded the finance function as part of his COO role and was first named CFO in November 2019. The new CFO will lead financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services and corporate development.