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.

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.

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.