Jim Lee, the former deputy chief financial officer for Pepsi, will officially start in his new role next week, replacing Michael Fiddelke, who will then fully assume the role of chief operating officer, a job opening left by departing longtime executive John Mulligan, who is retiring, according to a Thursday morning release, .

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.

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.