Target Announces CEO Transition: Cornell Steps Down, Fiddelke Named Successor
Target Corporation announced from its Minneapolis headquarters that CEO Brian Cornell will step down and Chief Operating Officer Michael Fiddelke will assume the chief executive role, CNBC reported. The filing indicated Cornell will move to an executive chair position while Fiddelke, a 20-year company veteran, will lead the retailer’s turnaround. CNN later reported that the leadership shift occurs as Target grapples with a sales decline and backlash over recent diversity-inclusion changes.
Forbes added that the appointment follows a broader earnings slowdown at the chain and noted the strategic challenges the company faces. Slate Magazine echoed the description of the transition, noting the strategic challenges and the need for renewed growth.
