Target CEO Brian Cornell to Step Down Amid Sales Decline; Michael Fiddelke Appointed Successor

Target Corporation announced that CEO Brian Cornell will step down on February 1, 2026, after 11 years at the helm. He will be succeeded by Chief Operating Officer Michael Fiddelke, a 20-year veteran of the company.

The leadership transition comes as Target faces declining sales and strategic challenges. In the latest quarter, the company reported a 1.9% drop in comparable sales and a 21% decrease in net income.

Fiddelke, who began his career at Target as an intern in 2003, has held various leadership roles across finance, merchandising, human resources, and operations. As COO, he oversaw nearly 2,000 stores and led a $2 billion initiative to enhance operational efficiency through technological advancements.

Upon his appointment, Fiddelke outlined three immediate priorities: restoring Target's merchandising authority, improving the in-store shopping experience, and investing in technology to strengthen both physical and digital operations.

The internal appointment has elicited mixed reactions from analysts. Some express concern that hiring from within may not address deeper strategic challenges, while others believe Fiddelke's extensive experience positions him well to lead the company's turnaround.

Cornell will transition to the role of executive chairman, supporting Fiddelke as he takes on the CEO responsibilities.