Brian Cornell will step down as CEO of Target on Feb. 1 and will transition to executive chair of the board. Chief Operating Officer Michael Fiddelke, a 20-year company veteran, will succeed him. Fiddelke has overhauled Target’s supply network, expanded stores and digital services, and implemented cost reductions. He plans to act with urgency to reclaim merchandising authority and strengthen marketing. Target reported another quarter of sluggish results, including a 21% drop in net income for the quarter ended Aug. 2 and a 1.9% decline in comparable sales, triggering an early trading stock decline.
Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.Minneapolis-based Target Corp. said Wednesday that Chief Operating Officer Michael Fiddelke, a 20-year company veteran, will succeed Cornell. Cornell will transition to be executive chair of the board.Cornell, 66, took the helm at Target in August 2014.
Fiddelke has overhauled Target's supply network and expanded the company's stores and digital services while cutting costs."Mike was the right candidate to lead our business back to growth," Cornell told reporters. "As I arrived at Target, I consistently relied on Michael's strategic insights and sound judgment when making decisions. Michael has developed a deeper knowledge of our business than anyone I know."
Fiddelke told reporters he's stepping into the role with "urgency" to reclaim the company's merchandising authority."When we're leading with swagger in our merchandising authority, when we have swagger in our marketing, and we're setting the trend for retail, those are some of the moments I think that Target has been at its highest in my 20 years," he said.In May, Target announced that Fiddelke would lead a new office focused on faster decision-making to help accelerate sales growth.
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