Brian Cornell will step down as Target CEO and Michael Fiddelke will become CEO on Feb. 1, 2026. Cornell led Target for 11 years. Fiddelke began as a Target intern in 2003, served as CFO from November 2019 to February 2024, then became COO while briefly holding both roles until Jim Lee became finance chief. Target faces financial challenges, declining customer trust after backlash and boycotts tied to a reversal on DEI efforts, and falling foot traffic. Comparable sales fell 1.9% this quarter and the company projects a low single-digit sales decline for the year, its third consecutive annual drop.
Though Fiddelke, 49, extolled the value of knowing Target deeply, shares fell 10% in morning trading on the news of his appointment. Citi analyst Paul Lejuez said investors were 'hoping for an external CEO' with fresh eyes. Target's stock is down 64% since its all-time high four years ago.
During the earnings call on Wednesday, Cornell said the board chose Fiddelke through a "deliberate and thoughtful" succession planning process over several years. The board evaluated his qualifications alongside a "strong list" of both external and internal candidates, he said.
Fiddelke said on the call that he's eager to step into a role at a company he loves, but admitted, "I know we're not realizing our full potential right now." He called for a "clear and urgent commitment" to build new momentum and return to profitable growth.
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