Here’s the latest update: Target CEO Brian Cornell has announced he will step down early next year, with COO Michael Fiddelke set to take over as CEO effective February 1, 2026. Cornell will remain with the company as executive chairman.
Key Highlights
1. Brian Cornell’s Resignation
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After 11 years leading Target, Cornell will step down as CEO on February 1, 2026, but continues his involvement as executive chairman.
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His tenure began in 2014, during which he spearheaded store remodels, advanced digital expansion, and drove significant growth—especially during the pandemic.
2. Reasons Behind the Leadership Transition
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Target has seen sliding sales for multiple consecutive quarters, including a 21% drop in net income in Q2 2025, reflecting broader struggles with inflation, tariffs, and shifting consumer behavior.
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The company also faced backlash for scaling back its DEI (diversity, equity, inclusion) initiatives—sparking boycotts, public protests, and criticism even from founding family members.
3. Michael Fiddelke: The New CEO
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Michael Fiddelke, currently COO, will assume the CEO role on February 1, 2026, and will also join the Board of Directors.
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Fiddelke has been with Target since 2003, rising from intern to CFO (2019–2024), and now to COO. He's credited with leading a $2 billion operational efficiency initiative and spearheading the Enterprise Acceleration Office, aimed at boosting agility and innovation.
What This Means for Target
| Impact Area | What to Expect |
|---|---|
| Financial Performance | Fiddelke’s operational focus may bring cost efficiencies and quicker decision-making—but analysts remain skeptical whether it will reverse deeper market challenges. |
| Corporate Culture & DEI | Further leadership changes could influence how Target navigates public perception amid DEI debates. |
| Continuity vs. Change | Fiddelke’s long tenure suggests continuity; whether he infuses fresh ideas or more of the same remains to be seen. |
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