New leadership incoming: COO Michael Fiddelke, a 20-year veteran of the company, will take over as CEO on February 1, 2026, succeeding Brian Cornell, who transitions to executive chair.
Why this matters: Target’s facing challenges—from sluggish same-store sales and inventory glitches to public pushback over its recent DEI policy pullbacks.
Investor reaction: The announcement spooked markets—Target’s stock dropped between 6% and 11% across various reports, highlighting investor uncertainty about an internal change.
Performance snapshot: Q2 results showed modest wins—revenue beat expectations, but comparable store sales slid around 1.9%, and profits remain under pressure.
Why Fiddelke Could Kick-Start a Comeback
He’s setting three urgent goals: sharpen product quality, make shopping more consistently compelling, and ramp up tech across operations.
Target is leaning into affordability and efficiency—rolling out thousands of value-priced items and using its private-label lineup to regain shopper trust.
Fiddelke’s flagship “Enterprise Acceleration Office” aims to simplify how Target works, cut red tape, and empower faster decisions.
This is more than a baton handoff—it’s a test of whether a legacy leader can reset momentum during tough market conditions. Fiddelke brings credibility and institutional knowledge. Now, it’s about whether he can move fast enough to reignite growth.
