Target's new CEO, Michael Fiddelke, has not discussed DEI directly, prioritizing retail logistics over cultural messaging.

S hares of Target Corp. slumped 9.4% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.

A redoubled focus on style “may not be enough in a retail landscape where convenience, selection and speed have rapidly evolved and redefined the competitive landscape,” according to one analyst.

Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since January 2024. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

Target's chief operating officer, Michael Fiddelke, is set to succeed current CEO Brian Cornell in 2026. Cornell will transition to the role of executive chair of the board of directors. MINNEAPOLIS (FOX 9) - Target CEO Brian Cornell will be replaced by chief operating officer Michael Fiddelke in early 2026.

Target CEO Brian Cornell announced he will step down from the position. Here’s what to know about one of Minneapolis’ top employers.

Results over the last few years have fallen short of our expectations and our potential,” current CEO Brian Cornell says.

Rivals Target and Walmart have long been considered polar opposites. The biggest difference lately, though, is financial performance, underscored by the retailers' earnings reports this week.

Q2 2025 Earnings Call Transcript August 20, 2025 Target Corporation beats earnings expectations. Reported EPS is $2.05, expectations were $2.04. Operator: Ladies and gentlemen, thank you for standing by.