IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerMajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag
Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Target announced Wednesday that CEO Brian Cornell (left) will step down in February 2026 and will be replaced by Michael Fiddelke, a 20-year Target veteran who currently is the company’s chief operating officer. (Photos courtesy of Target Corp.)
Minneapolis—Brian Cornell will step down as CEO of Target Corp. early next year and will be replaced by the company’s chief operating officer, the retailer announced Wednesday.
Michael Fiddelke will take over as Target CEO effective Feb. 1, 2026 and join the company’s board of directors, while Cornell will become the board’s executive chair.
Fiddelke has been with the company for more than 20 years and has held leadership roles in merchandising, finance, operations, and human resources.
He was the company’s chief financial officer for nearly five years before being named COO in January 2024.
In a statement issued Wednesday, Christine Leahy, lead independent director of Target’s board of directors, said the board has been engaged in a “deliberate and thoughtful” search for a CEO to succeed Cornell, who said in 2022 he would stay with the retailer through 2025 before retiring, for the last several years.
She said the board looked both outside and within the company before landing on Fiddelke.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and re-establish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” Leahy said, noting the trust he has among the team and his “fresh eyes mindset.”
Target said it will announce who will replace Fiddelke as COO at a later date.
Related stories will be right here …
Michael Fiddelke will take over as Target CEO effective Feb. 1, 2026 and join the company’s board of directors, while Cornell will become the board’s executive chair.
Fiddelke has been with the company for more than 20 years and has held leadership roles in merchandising, finance, operations, and human resources.
He was the company’s chief financial officer for nearly five years before being named COO in January 2024.
In a statement issued Wednesday, Christine Leahy, lead independent director of Target’s board of directors, said the board has been engaged in a “deliberate and thoughtful” search for a CEO to succeed Cornell, who said in 2022 he would stay with the retailer through 2025 before retiring, for the last several years.
She said the board looked both outside and within the company before landing on Fiddelke.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and re-establish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” Leahy said, noting the trust he has among the team and his “fresh eyes mindset.”
Target said it will announce who will replace Fiddelke as COO at a later date.
Cornell’s pending resignation comes amid a prolonged sales slump for the Minneapolis-based discount department store, which is grappling with a variety of issues as it continues to lose market share to competitors like Walmart and Costco.
In a report aired in May, CNBC broke down the myriad problems facing the retailer, including understaffed stores, having the wrong mix of merchandise, its “identity crisis,” and the backlash and boycotts it has faced over its rollback of diversity, equity, and inclusion initiatives.
“Target was once the poster child for retail. It’s not a company that’s completely lost its way, but it is a company that’s lost its mojo,” Neil Saunders, managing director for GlobalData, said in the report.
WATCH: CNBC on What Ails Target
Target reported Wednesday that total sales slipped about 1 percent year-over-year in the second quarter while same-store sales were down 2 percent.
It was the third consecutive quarter of year-over-year sales decline for the retailer.
Year-to-date, the company’s sales have totaled $49.06 billion, down 2 percent year-over-year.
As of Aug. 2, Target had a total of 1,982 stores across the United States.
The retailer ranks No. 15 on National Jewler’s 2025 list of “$100 Million Supersellers,” which ranks all the retailers in North America whose fine jewelry and watch sales totaled $100 million or more in their most recent fiscal year.
The list estimates Target’s 2024 fine jewelry and watch sales at $561 million.
Editors' Picks
Sponsored by
More on Majors
The Latest
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
