Target Corp. said Wednesday that Michael Fiddelke will take over as chief executive officer on Feb. 1, 2026. Fiddelke, 49, is a 20-year company veteran who has served as chief financial officer and most recently as chief operating officer. Brian Cornell, CEO since 2014, will become executive chair of the board.
The announcement came the same day Target released its second-quarter results. The retailer topped sales and earnings forecasts but left its full-year outlook unchanged, pointing to another decline in annual revenue.
Fiddelke told reporters he is “stepping in with urgency to rebuild momentum and return to profitable growth.” He said his focus will be on three areas: restoring Target’s reputation for unique merchandise, improving customer experience and using technology to run operations more efficiently.
“We’ve built a solid foundation, and we’re proud of the many ways that Target is unique in American retail,” he said. “We also have real work in front of us.”
Shares of Target fell about 9% in early trading following the announcement. Some analysts said investors had expected an external hire. “You know, I think I’m a little surprised that there wasn’t somebody from the outside coming in to take a leadership role. I think that’s part of the stock reaction here,” said Stacey Widlitz, president of SW Retail Advisors, on CNBC. Christine Leahy, lead independent director, said the board’s decision followed “an extensive external search and assessment of many strong candidates.”
