Target CEO Brian Cornell is stepping down, and Michael Fiddelke, chief operating officer (COO), will become chief executive on Feb. 1, 2026. Cornell has led Target for 11 years. Fiddelke began his career at Target as an intern in 2003.

Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

As Target announces a new CEO, the retailer is reporting declines in revenue and operating income. As shares tumble 10% their DEI pullback & tariffs are dragging on sales

Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on Feb. 1 as the retailer works on its turnaround strategy.

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

On his shopping list come Feb. 1, new Target CEO Michael Fiddelke faces a multitude of challenges from making its offer clearer to unwinding the damage from DEI missteps.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

Activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats. Misinformation spread on social media that the swimsuits designed for transgender people were marketed to children, which they were not. The company removed them from stores.

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Companies like Nike and Target are helmed by veterans who got their start at the companies decades ago.

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

It didn’t have to be this way. At the start of his tenure, Cornell, who the company announced yesterday will step down as CEO on February 1, was an outsider unafraid to move fast and break things. He had been CEO of a big PepsiCo unit, Michaels Stores, and Sam’s Club before that.