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.

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.

Target stock was rising Thursday after the company said it has tapped a former PepsiCo executive to become its new chief financial officer. Jim Lee will succeed Michael Fiddelke as CFO starting Sunday.

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.

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.