The company said that current CEO Brian Cornell will transition to the role of executive chair of the board of directors.
Target Corp (TGT) on Wednesday named its operating chief, Michael Fiddelke, as its new chief executive officer, succeeding Brian Cornell.
The big-box retailer said that Cornell will transition to the role of executive chair of the board of directors. Both appointments are effective Feb. 1, 2026.
Retail sentiment on Target improved to ‘extremely bullish’ from ‘bullish’ a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.
Fiddelke has been with Target for 20 years and held several leadership roles across merchandising, finance, operations, and human resources, Target said. As chief operating officer and previously the retailer’s chief financial officer, he has overseen efforts that enabled growth across the business, including investments in supply chain and digital capabilities.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” said Christine Leahy, lead independent director of Target’s board.
Target said an announcement about the company’s next chief operating officer will be made at a later date. Shares of the company were down nearly 9% before the bell. The firm said it was maintaining its expectation of a low-single digit decline in sales for fiscal 2025, and adjusted earnings per share (EPS) of about $7.00 to $9.00.
Target’s second-quarter net sales were $25.21 billion, marking a 0.9% decline from a year ago. This compares with Wall Street expectations of $24.84 billion, according to data from Fiscal AI. The company’s adjusted EPS came in at $2.05, compared with estimates of $2.04.
The retailer said profit in the quarter reflects expense management and efficiency gains, helping to offset continued tariff-related and other cost pressures throughout the business.
Target’s stock has declined 22% this year and fallen nearly 34% in the last 12 months.
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