Target’s CEO Brian Cornell will step down, COO to succeed him

Target CEO's stepping down: What we know

Target CEO Brian Cornell is stepping down amid a drop in the company's revenue this quarter. Michael Fiddelke is taking over.

MINNEAPOLIS (FOX 9) - Target CEO Brian Cornell will be replaced by chief operating officer Michael Fiddelke in early 2026.

Target appoints new CEO

The backstory:

Target announced in a press release Wednesday that its board of directors unanimously appointed COO Michael Fiddelke to be the next chief executive officer, while current CEO Cornell will move into the role of executive chair of the board of directors. 

Target CEO Brian Cornell is stepping down.  (FOX 9, supplied)

The appointment followed several years of the board vetting internal and external candidates before electing Fiddelke, a 20-year veteran of the company.

As part of his current role, Fiddelke recently established and began leading the company's enterprise acceleration office, which aims to reshape Target's operations. 

What they're saying:

In a statement, Fiddelke acknowledged the company has "work to do to reach our full potential." He said he plans on taking advantage of the company’s strength to "embrace change with pace and purpose, and regain our momentum." 

Current CEO Cornell said of the announcement, "There is no one better suited to move Target forward than Michael Fiddelke. He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth, and a natural ability to inspire those around him to define what's next. Those leadership attributes will be critical in shaping the next generation of Target."

Leadership change comes amid struggles for Target

Dig deeper:

The change in leadership comes as Minneapolis-based Target deals with weak sales and losing market share to rivals, including Walmart, The Associated Press reports. The retailer is also dealing with complaints of messy and understocked stores.

Target on Wednesday reported another drop in sales this quarter. It reported a 21% drop in net income in the quarter that ended Aug. 2. Meanwhile, the company's stock was down more than 8% in pre-market trading. 

The retailer has been the focus of consumer boycotts since President Donald Trump took office, when Target and other retailers scaled back corporate diversity, equity and inclusion initiatives. The Associated Press also noted consumers are turning to other retailers because people no longer consider it the place to go for affordable yet stylish products. 

What's next:

The change in positions will be effective as of Feb. 1, 2026. In addition to Fiddelke stepping up as CEO, he will also join the board of directors. 

The next COO will be named at a later date.