Target, Michael Fiddelke and CEO Cornell
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The retailer’s board believes a company veteran can promote much needed change. Now, Michael Fiddelke has to prove himself to others.
Target promoted insider Michael Fiddelke on Wednesday as its new CEO to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers.
Target names insider Michael Fiddelke new CEO, succeeding Brian Cornell, who led retailer since 2014
Target ( TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
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.
Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.
Key Takeaways Target announced it was replacing CEO Brian Cornell with 20-year company veteran Michael Fiddelke, and shares plunged.Fiddelke was instrumental in the struggling retailer's efforts to reshape how it operates.