Target Names New CEO
There's a change in the top spot at Target as the retailer's board of directors has named Michael Fiddelke, currently the company's chief operating officer, as its new chief executive officer.
Current CEO Brian Cornell will transition into the role of executive chair of the board of directors. Both appointments take effect on Feb. 1, 2026. An announcement about the company's next chief operating officer will be made at a later date.
A 20-year veteran at Target, Fiddelke has held leadership roles across merchandising, finance, operations, and human resources. He has spearheaded enterprise efforts to deliver more than $2 billion in efficiencies and established and began leading the company's Enterprise Acceleration Office to reshape how Target operates.
"Over the last several years, the board has been executing a deliberate and thoughtful CEO succession process, including an extensive external search and assessment of many strong candidates," said Christine Leahy, lead independent director of Target's Board of Directors. "It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company's strategy, and reestablish Target's position as a leader in the highly dynamic and fast-moving retail environment."
"It is truly an honor to be named Target's next chief executive officer," said Fiddelke. "After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail. My history with the company also deepens my sense of responsibility for where Target goes next, and I step into the role with an urgent commitment to drive growth and deliver better results."
Cornell added, "There is no one better suited to move Target forward than Michael Fiddelke. He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth, and a natural ability to inspire those around him to define what's next. Those leadership attributes will be critical in shaping the next generation of Target."
Fiddelke takes the helm at a retailer that has struggled in recent quarters to grow sales. On the same day it announced the CEO change, Target reported a 0.9% decrease in net sales, driven by a 1.2% decrease in merchandise sales. This follows a soft first quarter when net sales were down 2.8%.
A recent report from Placer.ai showed store traffic at Target has dropped in six of the first seven months of 2025. Following a 3.5% gain in January, the Minneapolis-based mass merchant has seen overall visits and same-store visits remain in the negative from February through July. Through the spring and summer, overall store visits were down 1.7% in May, 4.1% in June, and 3.9% in July.
