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.

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.
The Latest

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.


The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.