Lee has more than 25 years of financial, strategy and business experience at PepsiCo (PEP.O), Target said, adding that he will oversee its financial planning and analysis, finance capabilities, internal audit and corporate development.

Lee succeeds Michael Fiddelke, Target’s chief operating officer.

For the CFO role at Target, Lee will receive an annual base salary of $850,000 and a cash sign-on bonus of $2.2 million, according to an SEC filing. Not only is Lee coming from PepsiCo, another Fortune 50 company, his international experience was most likely also appealing to the board, Rulke said.

The retailer's Deal of the Day program is also back, with new one-day-only deals available each day of Target Circle Week.

U.S. companies from Target and Macy's to package delivery firm UPS plan to hire thousands of seasonal workers ahead of the all-important holiday season.

The company announced Monday that it is looking to fill seasonal positions in-store and in warehouses, “including guest advocate, front of store attendant, fulfillment expert, general merchandising expert,