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4w ago

Target Elevates Michael Fiddelke to CEO as Brian Cornell Departs Feb. 1

An insider succession during a weak quarter spooked investors.

FILE - A Target sign is shown on a store in Upper Saint Clair, Pa., on Friday, July 7, 2023. (AP Photo/Gene J. Puskar, file)
Brian Cornell, presidente y director general de Target, habla en una reunión de la comunidad financiera el martes 5 de marzo de 2019 en Nueva York. (AP Foto/Mark Lennihan)

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.