Target names Fiddelke as next CEO

Target names Michael Fiddelke to succeed Brian Cornell as chief executive officer, aiming to restart growth amid a sales slump and investor scrutiny.

Target announces Fiddelke as next CEO to replace Brian Cornell

Target said Michael Fiddelke, 49, will become chief executive officer on February 1, succeeding Brian Cornell, who will move to executive chair. The move comes as the retailer reported fiscal second-quarter results that beat Wall Street expectations on sales and earnings, while reaffirming a full-year outlook that foresees a decline in sales. Target’s shares fell about 10 percent in premarket trading after the announcement and the quarterly update. The company has faced roughly four years of flat sales after pandemic-era gains.

Fiddelke has spent two decades at Target in roles spanning merchandising, finance, operations and human resources. He became chief financial officer in 2019 and rose to chief operating officer in early 2024. On a call with reporters, he outlined three priorities: reestablish Target as a retailer of stylish and unique items, deliver a more consistent customer experience, and use technology more effectively to run the business. He said, "Stepping in with urgency to rebuild momentum and return to profitable growth." Target also said its Enterprise Acceleration Office, created to lift results, will continue as part of its turnaround plan. The company kept its full-year outlook, signaling a cautious approach to near-term growth.

Choosing an insider who has led finance and operations signals Target intends to push for tighter execution and steady improvement. The internal promotion reduces uncertainty about governance, but it will still face pressure from investors who want tangible growth after years of stagnation. The leadership shift comes as the retailer navigates a complex mix of competitive pressure, changing shopper habits and rising costs. If Fiddelke can convert the three stated priorities into faster same-store sales and stronger margins, Target could regain momentum; if not, the stock reaction and advisory scrutiny could deepen.

Highlights

The coming quarters will test whether steady hands can translate into real growth for Target.