(Reuters) -U.S. retailer Target ( TGT ) on Thursday named long-time PepsiCo ( PEP ) 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.

Lee has more than 25 years of financial, strategy and business experience and was most recently PepsiCo's ( PEP ) deputy CFO.

In his prior role, he oversaw Pepsico's ( PEP ) global tax, treasury, investor relations and environmental, social and governance reporting functions, and led the finance teams for the beverage maker's international business.

At Target ( TGT ), he is tasked with overseeing its financial planning and analysis, finance capabilities, internal audit and corporate development.

The CFO appointment comes ahead of the crucial holiday season, with retailers sharpening their strategies to lure bargain-hunting shoppers.

In January, Fiddelke was appointed as operations head replacing long-time executive John Mulligan. At that time, Target ( TGT ) had said Fiddelke would exit the CFO role after a replacement was named.