Overview

• Chief Operating Officer Michael Fiddelke, 49, will become CEO on Feb. 1, 2026, as Brian Cornell transitions to executive chair.
• Target reported Q2 comparable sales down 1.9%, net income of $935 million down 21%, and net sales of $25.2 billion, and it reaffirmed a full‑year outlook for a low‑single‑digit sales decline.
• The stock dropped roughly 8% to 11% in early trading following the succession news and results, with a June Mizuho survey showing 96% of investors favored an external hire.
• Fiddelke said his initial priorities are to regain merchandise and style leadership, deliver a more consistent store experience, and embed more technology to drive efficiency and faster decisions.
• The retailer faces share losses to Walmart and Amazon, tariff-related cost pressures, an Ulta Beauty shop-in-shop wind‑down by August 2026, and sales headwinds linked to backlash over scaled‑back DEI initiatives.