Overview

• Chief Operating Officer Michael Fiddelke, a 20‑year company veteran, will become CEO on Feb. 1, 2026, as Brian Cornell shifts to executive chair.
• For the latest quarter, comparable sales fell 1.9% and net income declined about 21%, extending a multi‑quarter sales slump.
• Target’s stock fell roughly 8%–10% in early trading following the earnings release and succession announcement.
• Fiddelke outlined three immediate priorities: restore merchandising leadership, improve in‑store execution, and accelerate technology and automation across operations.
• Investors had signaled a preference for an external hire, and the new leader inherits sales pressure, reputational strain linked to DEI retrenchment and Pride controversies, and tougher competition even as the company leans on same‑day delivery and supply‑chain investments such as Shipt and sortation centers.