Target CEO Brian Cornell to Step Down in 2026, Michael Fiddelke Named Successor Amid Sales Slump and Stock Drop

Target Leadership Shakeup

Brian Cornell, the CEO of Target since 2014, reported on November 3, 2022, to leave the company on February 1, 2026. He will assume an executive chair position.

Michael Fiddelke, who is the Chief Operating Officer of Target and a 20-year veteran of the company, will assume the role of CEO on the same date.

Why Change?

Target has been struggling with continuous losses in sales (flat or down in 8 out of 10 last quarters and 21 percent net income reduction as of August 2, 2025).

It has also been criticized over its moves to reverse diversity, equity, and inclusion (DEI) efforts, leading to consumer boycotts and even the condemnation of current descendants of the original family.

Market Response & Investor opinion

After the announcement, Target shares declined significantly (8-11 percent, according to one report, which cited a decline of 11 percent to about $94.15 a share).

There was a question in the minds of analysts as to whether promoting an internal candidate in the person of Fiddelke would inject sufficient fresh perspective or even a pop to turn around the fortunes.

What Next with Michael Fiddelke?

To revitalize Target, Fiddelke plans to apply a three-pronged strategy that will be launched in 2026:

Increase the collaboration of own-brand and national-brand, particularly in apparel, homeware, and food.

Make the in-store experience happier and more interactive.

Speed up technological innovation by automating manual work and updating the systems. Pilot tests have already been started in Chicago.

Further reporting by Reuters points to Fiddelke as having significant experience within the institution as an intern, as COO, and putting an emphasis on efficiency, merchandise quality, a consistent customer experience, and integrating technology.