Target CEO Brian Cornell to Step Down Amid Sales Decline and DEI Backlash

Target Corporation announced that CEO Brian Cornell will step down on February 1, 2026, after an 11-year tenure. He will be succeeded by Chief Operating Officer Michael Fiddelke, a 20-year company veteran who began his career at Target as an intern in 2003.

Cornell, who took the helm in 2014, is credited with revitalizing Target by remodeling stores and enhancing its online presence to compete with rivals like Amazon. However, the company has faced a prolonged sales slump, with net income dropping 21% and comparable sales declining 1.9% in the most recent quarter.

The downturn is attributed to several factors, including reduced consumer spending on non-essential items, increased competition from retailers such as Walmart and Costco, and backlash over Target's rollback of diversity, equity, and inclusion (DEI) initiatives. Earlier this year, Target ended some DEI programs, leading to customer protests and boycotts. Anne and Lucy Dayton, daughters of one of Target's co-founders, described the company's actions as "a betrayal."

Fiddelke, who has held various leadership roles in finance, human resources, merchandising, and operations, most recently served as Chief Operating Officer. He led a $2 billion efficiency initiative focusing on technology, same-day delivery, and digital services. As CEO, Fiddelke aims to enhance product design, improve customer experience, and accelerate technological investments to steer Target back to growth.

Target's shares have declined over 37% in the past year, highlighting the challenges the company faces in regaining market momentum.