Target CEO Brian Cornell to Step Down, Michael Fiddelke Named Successor Amid Sales Slump

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Target Corporation has announced that longtime Chief Executive Officer Brian Cornell will step down from his role on February 1, 2026, marking the end of an 11-year tenure at the helm of the U.S. retail giant.

The decision comes amid declining sales, shifting consumer habits, and mounting pressure from both investors and customers.

The company confirmed that Michael Fiddelke, Target’s current Chief Operating Officer and a 20-year veteran of the retailer, will succeed Cornell as CEO. Fiddelke will also join the company’s Board of Directors upon assuming the role.

Target’s leadership change follows a period of turbulence. The retailer has faced eight sales declines in the last ten quarters, including a 21% drop in net income for the quarter ended August 2.

Market analysts have pointed to inflationary pressures, sluggish consumer spending, and the company’s reversal of diversity and inclusion initiatives as contributing factors to weakened customer confidence.

The announcement immediately rattled Wall Street. Target shares plunged more than 11% in early trading after news of Cornell’s departure broke, reflecting investor uncertainty about the company’s near-term strategy.

Cornell, who took over in 2014, is credited with revitalizing Target after a difficult period marked by data breaches and lagging performance.

Under his leadership, the company invested heavily in e-commerce and supply chain improvements, regaining ground against competitors like Walmart and Amazon.

However, the past two years have brought mounting challenges, and calls for leadership change grew louder.

In a statement, Cornell described the decision as “the right time for new leadership to guide Target into its next phase of growth.” He expressed confidence in Fiddelke, calling him “a proven leader who deeply understands our culture, our business, and the evolving needs of our guests.”

Fiddelke, who previously served as Target’s Chief Financial Officer before moving into the COO role, is expected to focus on stabilizing sales and enhancing operational efficiency.

Analysts say his background in finance and operations positions him well to lead during a time when consumer demand remains unpredictable.

The leadership transition signals a critical juncture for Target as it attempts to reset strategy and win back customer trust. With competition intensifying and consumer spending under pressure, all eyes will be on Fiddelke’s ability to deliver results in the years ahead.

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