Target Corporation announced that CEO Brian Cornell will step down from his leadership role after an 11-year tenure marked by recent sales declines and mounting pressure from conservative customers over the company’s diversity policies.
Cornell’s departure comes as the retail giant faces its third consecutive quarter of falling sales and significant stock decline.
The announcement sent Target shares tumbling 10 percent in premarket trading Wednesday.
The company selected Michael Fiddelke, Target’s current chief operating officer, to replace Cornell effective February 1, 2026.
Fiddelke began his career at Target as an intern and has spent two decades with the retailer.
Cornell will transition to executive chairman following the leadership change.
During a Wednesday analyst call, he described Fiddelke as the “right candidate to lead our business back to growth” after evaluating both internal and external candidates.
The outgoing CEO took control of Target in 2014 and initially revitalized the brand through store remodeling and expanded online capabilities to compete with Amazon.
His early leadership earned recognition, including CNN Business’ CEO of the Year award in 2019.
Target experienced significant success under Cornell’s guidance through 2021, particularly during the pandemic when consumers increased purchases of home goods and essentials.
The company reported