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
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
