Overview
- Both CEOs set Feb. 1 departures with internal successors, with Walmart elevating John Furner and Target naming Michael Fiddelke.
- Walmart describes a planned transition from strength as Doug McMillon leaves the board in June and stays on as an advisor through 2027.
- Target will retain Brian Cornell as executive chair, prompting governance concerns and an activist call to require an independent chair.
- Target’s latest quarter underscored pressure, with net earnings down 19.3% to $689 million, sales off 1.5%, and 1,800 corporate jobs eliminated.
- Fiddelke outlined a turnaround centered on design-led merchandising, enhanced store and online experiences, accelerated technology, and a 25% capex increase to $5 billion as shares weakened.