Overview
- Target said Brian Cornell will step down as CEO on Feb. 1 and become executive chairman, with Chief Operating Officer Michael Fiddelke taking the top job.
- The announcement arrived alongside quarterly results that showed about a 21% drop in net income and a 1.9% decline in comparable sales for the period ended Aug. 2.
- Shares fell more than 7% after the news, and analysts said investors had expected an external hire to signal a sharper strategic reset.
- Fiddelke is a 20-year company veteran and former CFO who led supply-chain renewal and expanded store and digital capabilities while cutting costs.
- He outlined early priorities focused on stronger merchandising authority, a more consistent shopping experience, and broader use of technology as Target contends with tougher price competition and consumer backlash over DEI cutbacks.