Target CEO Brian Cornell will step down next year after more than ten years leading the retail giant, the company announced Wednesday.
He will be succeeded by Michael Fiddelke, the company’s current chief operating officer, who will take over on Feb. 1, 2026, and also join Target’s Board of Directors.
Cornell, 66, agreed in 2022 to stay on for three additional years after the board scrapped its retirement-age limit of 65 to ensure leadership stability during a turbulent period for the retailer.
Fiddelke’s Rise Inside Target
Fiddelke, 49, has been with Target for two decades, holding leadership roles in merchandising, finance, operations, and human resources. In his current role as COO, he oversaw major investments in stores, supply chains, digital operations, and workforce development.
He also spearheaded initiatives that delivered more than $2 billion in efficiencies, a key factor in his selection as Cornell’s successor.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” said Christine Leahy, lead independent director of Target’s board.
Financial Pressures and Sales Decline
Target has faced mounting challenges in recent quarters. In its latest fiscal period, the company reported $25.2 billion in sales, down just under 1% year-over-year.
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In-store sales fell more than 3%
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Comparable sales dropped nearly 2%
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Online sales grew about 4%
Profit came in at $1.3 billion, down 19% from last year, as tariffs and shifting consumer spending patterns weighed on margins.
Strategic Overhaul Underway
In May, Target announced a multi-year turnaround initiative called the Enterprise Acceleration Office, aimed at helping the company operate with greater speed, adaptability, and innovation.
Cornell described the initiative as critical to restoring long-term profitable growth after back-to-back sales declines.
Target has adjusted its fiscal 2025 outlook to a low-single digit sales decline and projected adjusted earnings per share of $7 to $9, down from its earlier forecast of $8.80 to $9.80
