Brian Cornell has been with Target since 2014. Photo by Jerry Holt/Star Tribune via Getty Images
Brian Cornell, longtime CEO of Target, is stepping down as the retail giant faces tariff-driven financial pressures and ongoing public backlash. Succeeding him will be Michael Fiddelke, a veteran Target executive who has outlined a turnaround plan for the Minneapolis-based company. The leadership change was announced alongside Target’s second-quarter earnings report, which showed the retailer beating Wall Street’s expectations on both revenue and earnings. Target shares fell 7 percent today.
Fiddelke, who has been with Target for more than two decades, will assume the role in February. “With the board’s unanimous decision to appoint Michael Fiddelke as Target’s next CEO, I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth,” said Cornell in a statement. Cornell, 65, will remain chair of Target’s board of directors.
Cornell, who has led Target since 2014, focused on digital investments, fulfillment services and corporate culture during his tenure. But his leadership has also been challenged by tariff-related financial strain, boycotts tied to Target’s retreat from diversity, equity and inclusion (DEI) efforts, and intensifying competition from Walmart. Over the past 12 months, Target’s stock has fallen by 32 percent.
“We are far from satisfied with where our business is performing,” said Cornell during Target’s earnings call today. “We need to do better, and our entire team is focused on consistent execution, building further momentum and getting back to profitable long-term growth.” Reaffirming its full-year outlook, Target projects a low single-digit sales decline in 2025 amid continued tariff uncertainties.
Fiddelke, who began his Target career as an intern in 2003, rose through roles in merchandising, human resources and operations. He served as chief financial officer from 2019 to 2024 before becoming chief operating officer last year. Earlier in his career, he worked at Deloitte.
As CEO, Fiddelke told analysts he plans to execute a three-pronged turnaround strategy: restoring Target’s authority in merchandising with a focus on distinctive style and design, improving in-store experiences, and deploying technology to boost speed and efficiency.
“To be blunt, we need to move much faster,” he said. He will also continue leading Target’s Enterprise Acceleration Office, launched in May, to quicken progress on the company’s growth roadmap and integrate data-driven decision-making across operations.
Despite Fiddelke’s deep experience at Target, investors reacted negatively to his appointment, as many on Wall Street had hoped for an outsider to steer the company. A June survey from Mizuho Securities found that 96 percent of investors favored an external candidate over an internal hire for the CEO role.
