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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.
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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.
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