Overview

• Target’s board unanimously selected 20-year company veteran Michael Fiddelke to succeed Brian Cornell, who will become executive chair.
• In its latest quarter, Target reported net sales of $25.2 billion, down 0.9% year over year, with comparable sales down 1.9% and net income down about 21% to $935 million.
• Shares fell nearly 10% in early trading following the leadership announcement and earnings results, reflecting investor skepticism about an internal successor.
• Fiddelke outlined three immediate priorities: reassert merchandising leadership, improve store execution with stocked, clean locations, and invest in technology to boost efficiency.
• Management cited tariffs and a tough consumer backdrop, while analysts also pointed to operational lapses and fallout from DEI-related controversies as drag on traffic and sales.