Management

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.

Target's search for a new chief executive came to an end Thursday when it for the first time chose an outsider to lead the Minneapolis-based retailer. PepsiCo executive Brian Cornell is Target's choice to replace Gregg Steinhafel, who was ousted in May as the company struggled under the weight of missed sales expectations, a rocky expansion into Canada and its massive data breach. 

The National Retail Federation (NRF) yesterday announced the formation of the Small Business Retail Council to organize, recruit and engage Main Street merchants and independent community retailers in grassroots advocacy activities. The council will represent and be responsive to the needs, concerns and interests of local shops and provide the association's small business members a forum to discuss the most pressing public policy issues and priorities.

Between launching a wholesale program, purchasing a giant new office in Brooklyn and buying creative technology bazaar Grand Street, Etsy has had quite the growth spurt this past year. The online destination for indie crafters and vintage fiends now offers more than 25 million items in over a million shops, and at last week's holiday preview in New York, CEO Chad Dickerson told Racked that the company's about to see its best year yet. The preview showcased products from dozens of sellers and, not surprisingly, the merchandise was oh-so-Etsy.

Destination Maternity, the operator of A Pea in the Pod and Motherhood Maternity stores in the United States, approached Mothercare, a British retailer of maternity and children's products, about a takeover this year but was repeatedly rebuffed. Destination Maternity said late Friday it was abandoning those efforts. Destination Maternity had hoped to join a growing number of American companies that have sought to reincorporate overseas through so-called inversions to avoid higher corporate taxes in the United States. The rush of mergers and acquisitions that provide a base overseas has drawn concern and criticism from politicians in Washington.

As part of its continued growth strategy, Williams-Sonoma made several organizational changes to its management team. Chief Marketing Officer Pat Connolly has been elevated to chief strategy and business development officer. Connolly will work closely with senior management to refine the company's long-term strategy, including the development of new businesses and the evaluation and execution of acquisitions and alliances that can provide significant growth. "Pat has devoted the past 35 years to building the company's multichannel strategy and has been a driving force in our e-commerce growth," said President and CEO Laura Alber.

BoF compiles the most important professional moves of the week.Tiffany Taps Frederic Cumenal As CEO. Tiffany & Co has selected its current president, Frederic Cumenal, to be the company's next chief executive, as longtime CEO Michael Kowalski plans to retire from the company next year. Kowalski, 62, was named chief executive in 1999 and 

Empty shelves, grumpy customers, long lines at the register: These are just some of the challenges facing Wal-Mart's new U.S. chief. Greg Foran, who takes charge Aug. 9, inherits a chain wedded to an outdated big-box model, struggling to

Wal-Mart U.S.CEO Bill Simon is leaving the company, the discount retailer announced Thursday. Greg Foran, president and CEO of Walmart China since March 2012, will take over the reins of Wal-Mart U.S. from Simon on

J.C. Penney might just have turned a crucial corner. The ailing department store, which has been losing business to rival companies such as Macy's and Kohl's over the last three years, reported decent first-quarter results in May that may hint at a much-awaited turnaround at