Analysts and investors are reacting to the Target (NYSE:TGT) nabbing Jim Lee away from PepsiCo (NASDAQ:PEP) to be the retailer's new chief financial officer. Jefferies analyst Corey Tarlowe said the firm was bullish on the development.

Target named PepsiCo's Jim Lee as CFO and member of leadership team starting Sep. 22. Specifically, Lee will receive a cash sign-on bonus of $2.2 million.

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.

Target has named a veteran of PepsiCo as its new Chief Financial Officer. Jim Lee, who has over 25 years of experience, will assume the role effective September 22nd. He succeeds Michael Fiddelke, who became Target's COO earlier this year.