Target CEO Brian Cornell to Step Down, Michael Fiddelke Named Successor Amidst Sales Decline

Target Corporation (TGT) has announced that CEO Brian Cornell will step down from his leadership role, effective February 1, 2026. Current Chief Operating Officer Michael Fiddelke, a 20-year veteran who started as an intern, has been named as his successor. Cornell will transition to the role of executive chairman.

The leadership change comes as the retail giant grapples with a significant slump in sales, marking its third consecutive quarter of decline, and faces ongoing backlash following its retreat on Diversity, Equity, and Inclusion (DEI) initiatives. Target’s stock plummeted 10% in premarket trading following the news, reflecting investor concerns over the company’s direction. Analysts have expressed mixed reactions, with some criticizing the choice of an internal candidate, suggesting it may not adequately address the company’s entrenched strategic issues.

Fiddelke acknowledged the challenges, stating Target “must improve” and is “not realizing our full potential right now.” He outlined plans to revitalize the company by focusing on trendier merchandise, enhancing the in-store experience, and investing in technology. Target has faced a tumultuous period, including intense competition, a consumer shift away from discretionary spending, and the impact of tariffs on its heavily imported merchandise. Despite Cornell’s earlier success in revitalizing the brand, recent years have seen the retailer struggle with inventory gluts, inflation, and public controversies.

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