Target Names Michael Fiddelke as Next CEO Amid Ongoing Sales Slump

MINNEAPOLIS, Aug. 20, 2025 - Target Corporation announced that Michael Fiddelke, its COO and a 20-year employee, will become CEO on Feb. 1, 2026. He will succeed Brian Cornell. Cornell, who has led Target since 2014, will now serve as executive chair of the board.

The leadership change occurred alongside the release of Target’s fiscal second-quarter results. Same-store sales went down by 1.9 percent, and net income dropped about 20 percent compared to last year. This was due to the company clearing excess inventory with bigger discounts. The results exceeded what analysts expected for revenue and earnings. Still, they pointed out ongoing weaknesses in traffic and customer spending.

Investors had a strong reaction to the news. Target’s shares fell by more than 10 percent in premarket trading after the appointment was announced and earnings were released.

Fiddelke highlighted three key objectives: - Bring back Target’s image for stylish and unique products. - Ensure a smooth customer experience in-store and online. - Use technology to boost operational efficiency. ““We have a lot of work to do,” he said. He will “embrace change with pace and purpose” to get the company growing again.

The board unanimously decided to promote Fiddelke. This choice ended a multi-year succession process. It involved a lot of assessments for both internal and external candidates. Lead independent director Christine Leahy praised his “fresh-eyes mindset.” She noted his deep enterprise insight as vital for navigating the competitive retail landscape ahead.