5 Challenges Target's New CEO Can’t Address Soon Enough

Brian Cornell, Target's new CEO, just stepped into a hot retail mess. CFO John Mulligan alluded to the challenges when he dropped by Bloomberg News a few weeks ago and acknowledged something industry watchers have long known: "Tarjay," inventor of cheap chic, is scared to take chances. "We got a little bit risk-averse," said Mulligan, who was interim CEO until yesterday, when Target said it had hired Cornell, a PepsiCo Inc. executive, as its first outside chief. Of all the challenges facing Cornell, firing up the culture may be the most important.