Fiddelke has spent more than two decades at Target across multiple departments and leadership roles. He served as CFO and COO concurrently for most of 2024 and will lead an "enterprise acceleration office" to drive speed and agility through simplified cross-company processes and new uses of technology and data. The leadership change will take effect in February 2026, with Brian Cornell moving to executive chair. Target has faced several underwhelming quarters, including a second-quarter sales decline of 0.9% year over year. Fiddelke set priorities to regain merchandising authority and restore profitable growth amid skepticism from some analysts.
"I've seen how our business can perform when we're at our best, and therefore, where we also have clear opportunities today to improve our performance - and we must improve,"
"I know we're not realizing our full potential right now, and so, I'm stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth."
"We are unsure of how Mr. Fiddelke will change the strategy he helped create," wrote Joseph Feldman, senior managing director and assistant director of research for Telsey Advisory Group.
"enterprise acceleration office"
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