Target CEO Brian Cornell to Step Down; COO Michael Fiddelke Named Successor

MINNEAPOLIS (Aug. 20, 2025) – Target Corporation announced today that Brian Cornell will step down as CEO on Feb. 1, 2026. He has been in this role since August 2014 and will become the executive chair of the Board of Directors. The company’s Board has unanimously appointed Chief Operating Officer Michael Fiddelke- a 20-year Target veteran-to assume the CEO position on that date.

In conjunction with the leadership change, Target reported another quarter of sluggish results. For the three months ending Aug. 2, comparable sales dropped by 1.9%. Net income fell by 21% compared to last year. Shares traded down more than 8 percent in premarket trading following the announcement.

During Cornell’s time, Target’s revenue rose by more than $34 billion. The company expanded its private-label brands and changed stores into omnichannel fulfillment hubs. Recent challenges hurt sales for three straight quarters. These include a pullback from diversity, equity, and inclusion efforts that upset consumers. Rising import tariffs and fierce competition from Walmart and off-price retailers also played a role.

““Now’s the time to use our strengths, embrace change quickly, and regain our momentum,” Cornell said. ““Michael’s deep understanding of the business and fresh perspective make him the right leader to guide Target’s next growth phase.”

Fiddelke is in charge of Target’s supply chain, store operations, finance, and HR. He will take over a company with about 2,000 U.S. stores and a rising digital platform. He pointed out three key priorities: - Restoring merchandising leadership. - Making sure stores are well-stocked and ready for customers. - Speeding up technology investments across the business.

Christine Leahy, the lead independent director of Target’s Board, said, “Michael’s time here gives him unique insight and strong trust from the team.” We believe he can refocus and speed up Target’s strategy to regain its spot as a retail leader.

Analysts are split on whether internal succession can quickly fix Target’s sales slump. Some market watchers suggested the company look for an outside candidate to change old decision-making habits. Others believe Fiddelke’s strong knowledge of Target’s operations will help achieve a quicker turnaround.

Cornell will collaborate closely with Fiddelke throughout the transition period. We will share news about the next chief operating officer later.