Target Corporation has announced a significant leadership change, effective February 1, 2026. Michael Fiddelke, the company’s current chief operating officer, will take over as chief executive officer, succeeding Brian Cornell. Cornell will transition to the role of executive chair of the board, marking the end of his tenure as CEO.
This leadership shift comes at a critical juncture for Target. The retailer has faced declining sales for three consecutive quarters, including a 0.9% year-over-year drop in the second quarter of 2025. Its stock price has plummeted over 23% since the start of 2025, while competitors like Walmart and Costco have seen their shares rise. The company has also been embroiled in controversy following its decision to scale back its diversity, equity, and inclusion (DEI) initiatives, a move that sparked boycotts and criticism from civil rights groups. Brian Cornell has acknowledged that the backlash from this decision has contributed to the decline in sales.
Michael Fiddelke, a 20-year veteran of Target, began his career as an intern in 2003. He has since held several key roles, including chief financial officer and chief operating officer, overseeing critical functions such as merchandising, finance, operations, human resources, and supply chain management. Fiddelke has been instrumental in driving initiatives like supply chain expansion, technology upgrades, and operational efficiency, generating over $2 billion in savings for the company.
As he prepares to take the reins, Fiddelke has outlined three main priorities for Target: reestablishing its merchandising authority, elevating the customer experience, and leveraging technology more effectively. He has emphasized the need for a faster pace of adaptation, acknowledging that Target’s recent performance has fallen short of expectations. Fiddelke also leads the company’s Enterprise Acceleration Office, which focuses on multi-year improvement efforts and cross-functional collaboration to navigate challenges like tariff volatility.
Brian Cornell’s leadership transformed Target into a $100+ billion omnichannel retailer, with initiatives such as “stores-as-hubs,” same-day services, and the growth of private labels. Cornell has expressed confidence in Fiddelke’s ability to address current challenges and position Target for future success, citing his leadership skills and resolve.
The transition will involve close collaboration between Cornell and Fiddelke in the lead-up to February 2026. A search for a new chief operating officer is set to begin, and other key executives will adjust their responsibilities to support ongoing strategy development.
In summary, Target’s leadership change reflects a strategic effort to address recent challenges with a renewed focus on merchandising excellence, customer experience, and technological advancement. The company is betting on Fiddelke’s experience and vision to steer it through a period of industry volatility and declining performance.
Target’s leadership transition is the culmination of a multi-year succession planning process led by the company’s board of directors. The board meticulously evaluated both internal and external candidates before selecting Michael Fiddelke as Brian Cornell’s successor. This deliberate approach underscores the board’s commitment to ensuring continuity and stability as Target navigates challenging market conditions.
Fiddelke’s tenure at Target has been marked by significant contributions to operational efficiency and financial performance. During his time as chief financial officer and later as chief operating officer, he spearheaded initiatives that generated over $2 billion in savings. These savings have been reinvested into technology upgrades, supply chain improvements, and employee benefits, positioning Target for long-term growth. His oversight of merchandising, human resources, and supply chain management has been instrumental in maintaining Target’s competitive edge.
Brian Cornell’s leadership over the past decade has been transformative for Target. Under his guidance, the company successfully implemented its “stores-as-hubs” strategy, which integrated physical and digital shopping experiences. Cornell also championed the expansion of same-day services, such as curbside pickup and home delivery, which have become critical drivers of customer convenience. Additionally, he oversaw the growth of Target’s private-label brands, including Cat & Jack and Threshold, which have become synonymous with quality and affordability.
As part of the transition, Target’s leadership team will undergo adjustments to align with Fiddelke’s strategic priorities. The search for a new chief operating officer will begin shortly, with the goal of ensuring a seamless transition of responsibilities. Other key executives, including the chief financial officer and chief commercial officer, will also take on expanded roles to support the company’s evolving strategy. This collaborative approach reflects Target’s commitment to maintaining operational excellence during the leadership handover.
Fiddelke’s leadership of the Enterprise Acceleration Office has been a cornerstone of Target’s efforts to address market uncertainties. This initiative focuses on fostering cross-functional collaboration and driving multi-year improvement efforts. By addressing challenges such as tariff volatility and supply chain disruptions, Fiddelke has positioned Target to adapt more swiftly to changing market conditions. His experience in navigating complex operational landscapes will be critical as the company seeks to regain momentum in a highly competitive retail environment.
Conclusion
Target’s leadership transition marks a pivotal moment in the company’s history. As Michael Fiddelke prepares to take the reins from Brian Cornell, the retailer is poised to address its recent challenges with a renewed focus on merchandising excellence, customer experience, and technological advancement. Fiddelke’s extensive experience and proven track record of driving operational efficiency and financial performance position him as the ideal leader to guide Target through this critical juncture. While the road ahead is fraught with industry volatility and competitive pressures, Target’s strategic succession planning and commitment to continuity offer a beacon of hope for stakeholders. The coming years will be instrumental in determining whether Fiddelke can restore Target’s momentum and cement its position as a leader in the retail landscape.
Frequently Asked Questions
Who is Michael Fiddelke?
Michael Fiddelke is Target’s current chief operating officer, with over 20 years of experience at the company. He has held key roles such as chief financial officer and has been instrumental in driving operational efficiency and financial performance, generating over $2 billion in savings.
Why is Brian Cornell stepping down as CEO?
Brian Cornell is transitioning to the role of executive chair of the board. This decision is part of a planned succession process, allowing him to focus on strategic oversight while Michael Fiddelke takes over as CEO to address current challenges.
What are Michael Fiddelke’s priorities as CEO?
Fiddelke has outlined three main priorities: reestablishing Target’s merchandising authority, elevating the customer experience, and leveraging technology more effectively. He aims to drive a faster pace of adaptation to address the company’s recent decline in sales and performance.
How will the leadership transition affect Target’s strategy?
The transition is expected to bring stability and continuity while introducing a fresh perspective. Fiddelke’s focus on operational efficiency, customer experience, and technology aligns with Target’s long-term goals and aims to address current challenges such as declining sales and competitive pressures.