Target CEO Brian Cornell to Step Down Amidst Persistent Sales Decline and Boycott Backlash

Target announced yesterday that CEO Brian Cornell will step down next year, with current Chief Operating Officer Michael Fiddelke slated to take the helm. The leadership change comes as the retail giant grapples with an ongoing downturn in sales and significant customer boycotts, stemming from its decision to scale back diversity, equity, and inclusion (DEI) initiatives.

Cornell, who became CEO in 2014, is credited with revitalizing the company initially but has struggled to navigate a challenging post-pandemic retail landscape. Target reported weaker-than-expected sales in the first quarter of 2025, and continued declines through the second quarter, with net income dropping 21% and comparable sales dipping 1.9%. The company attributes these struggles to consumer caution over economic conditions and the impactful customer boycotts.

The controversy began in January 2025 when Target reduced its DEI efforts following conservative criticism. This move triggered a significant backlash, leading to widespread boycotts by various groups, including many Black Americans, with one notable call for a 40-day ‘Target Fast’ gaining over 250,000 pledges. This recent period of declining performance marks eight out of the last ten quarters with flat or negative comparable sales for the retailer.

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