Target’s board of directors announced Wednesday that it has appointed a new chief executive officer as longtime CEO Brian Cornell prepares to step down after 11 years at the helm.
Cornell, who has led the retailer since 2014, will officially step down on February 1, 2026. Chief Operating Officer Michael Fiddelke, a 20-year Target veteran, will take over the role.
Brian Cornell’s Legacy at Target
Cornell joined Target in 2014, marking the first time the company hired a CEO from outside its ranks. Before joining, he served as CEO of PepsiCo Americas Foods from 2012 and was previously CEO of Walmart’s Sam’s Club.
Under Cornell’s leadership, Target became a more than $100 billion company and grew revenue by $34 billion over 11 years. He spearheaded store remodels and expanded the company’s online business to better compete with Amazon, helping revitalize the brand after a challenging period.
Christine Leahy, lead independent director of Target’s board, credited him with transforming the retailer into a stronger, more resilient company.
Michael Fiddelke Steps Into a Tough Market
Fiddelke, who began his career at Target and rose steadily through leadership roles, said he would lead with a sense of urgency. His three key priorities include strengthening merchandising, improving store conditions with stocked shelves and clean layouts, and advancing technology across operations.
However, he inherits the role during a turbulent time. Target is grappling with slowing sales, understocked and untidy stores, and rising competition from Walmart, Amazon and Costco. On Wednesday, the company reported its third straight quarterly sales decline, sending shares down nearly 10% in premarket trading, according to CNBC.
Cornell’s departure comes as Target faces criticism over its rollback of DEI initiatives and struggles to regain momentum in the post-pandemic retail landscape.