Leadership Change Announced
Target has revealed that CEO Brian Cornell will step down on February 1, 2026, after leading the company for 11 years. He will transition to the role of executive chair of the board, with longtime Chief Operating Officer Michael Fiddelke taking over as CEO.
Why It Matters
The move comes as Target grapples with declining performance—comparable sales have dipped, and recent net income figures show steep decreases. Compounding the issue, the retailer has faced consumer backlash following a rollback of its diversity and inclusion initiatives.
Stock Market Reaction & Strategic Outlook
Target’s stock fell sharply—between 6% and 11%—after the announcement, signaling investor nerves over the internal promotion and the lack of fresh external leadership. Fiddelke outlined a turnaround plan focused on revitalizing merchandising, improving customer experience, and investing in technology to reclaim Target’s “swagger” and market position.
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