After 11 years heading discount retailer Target, CEO Brian Cornell (pictured) said he will step down from the job on Feb. 1, 2026.
Michael Fiddelke, 49, Target’s current executive vice president and chief operations officer, has been tapped as Cornell’s replacement. A 22-year company veteran, Fiddelke began at Target as an intern and has held several leadership roles there, including chief financial officer.
Cornell will continue to serve on the Minneapolis-based company’s board and as its executive chair.
The news comes as Target announced mixed results for the second quarter of 2025, with comp sales down 1.9% and overall sales falling 0.9% from the prior year. Operating income dropped 19.4% to $1.3 billion.
In a video introducing Fiddelke as the next CEO, he told viewers, “I know you’re not satisfied with where Target is today. Neither am I. Getting us back to growth is my number one priority….
“We do have some work in front of us. The pace of retail is fast, and we must move with urgency and focus…. We’re a design-led company that wins by pairing incredible product with an incredible experience, when our assortment across all categories leads with style and design swagger that sets the pace for retail.”
In 2014, Cornell—formerly with PepsiCo Americas and Sam’s Club—became the first outsider to serve as Target’s CEO. In 2022, he signed a three-year contract to continue heading the company, which eliminated its retirement policy so that Cornell, now 66, could remain in the role past age 65.
(Photo courtesy of Target)