US EditionMajor Retail Chain’s CEO Stepping Down Amid Company Struggles
Michael Fiddelke will lead Target's strategic shift including technology investments and ending the Ulta partnership to address consecutive quarters of sales decline, executives said.
- On Wednesday, Target said Chief Operating Officer Michael Fiddelke will succeed Brian Cornell as CEO effective Feb. 1, 2026, as shares dropped about 10% after sluggish quarterly results.
- Over recent quarters, Target Corp. has suffered 11 consecutive quarters of flat or declining comparable sales, as customer loyalty waned after the 2023 Pride merchandise controversy and diversity, equity and inclusion program rollbacks.
- Target Corp. reported Q2 net sales of $25.2 billion, with operating income down 19.4% to $1.3 billion and net earnings falling 21.5% to $935 million.
- Ahead of Feb. 1, 2026, Target signaled it will not renew the Ulta Beauty deal and Michael Fiddelke, incoming CEO, said, `I know we're not realizing our full potential right now`.
- Analysts warned the internal hire could perpetuate past failures, and investors punished the decision as TGT stock plunged 10%.
16 Articles
16 Articles
Major retail chain’s CEO stepping down amid company struggles
NEW YORK (AP) — Target named an insider as its next chief executive officer Wednesday, a decision that comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products.
Target's Soon-to-Be New CEO Started as an Intern at the Company. Here's His 3-Part Turnaround Plan to 'Get Back to Profitable Growth.'
Target COO Michael Fiddelke is tasked with bringing back customers when he becomes CEO in February. He already has a three-part plan to turn things around.
Target's incoming CEO started as an intern at the $44 billion retail giant 20 years ago—he advises Gen Z who want to copy him to 'embrace feedback'
Target’s incoming CEO, Michael Fiddelke, is proving that you can still work your way up the corporate ladder. The 49-year-old started out as an intern at Target in 2003—and since then has spent over 20 years climbing the $44 billion retail giant’s ranks to the top.As Gen Zers grapple with a bleak entry-level job market, he urges recent graduates to “embrace feedback” and be “kind curious.” Target’s incoming CEO, Michael Fiddelke, is living proof…
Target CEO Brian Cornell will step down in February, COO Michael Fiddelke will take his place
Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.
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