Target CEO Brian Cornell Steps Down After Eleven Years: Michael Fiddelke Tapped as Successor Amid Slumping Sales and DEI Backlash

Target Corporation announces CEO Brian Cornell’s departure, effective February 1, 2026, with Michael Fiddelke, current COO, set to take over. Cornell’s tenure spans over a decade, during which he spearheaded significant revitalization efforts at the retail giant.

Cornell’s exit was anticipated by some analysts who suggested an external candidate would provide fresh perspectives for the company. However, Target opted for internal leadership, choosing Fiddelke who has been with the company for 20 years and currently holds the position of COO.

Under Cornell’s leadership, Target underwent a transformation focused on store remodeling and enhancing its online business to rival Amazon. However, the retailer has encountered a prolonged sales decline, largely due to strategic missteps within the company and intensified competition from Walmart, Amazon, and Costco.

Target reported a third consecutive quarter of declining sales on Wednesday, prompting an 8% drop in share price during premarket trading. The company’s stock performance this year places it among the worst performers in the S&P 500.

This story is developing and updates will be provided as more information becomes available.