US EditionTarget names longtime insider Michael Fiddelke its next CEO as retailer tries to break sales and stock slump
Brian Cornell steps down after 11 years as Target faces a 21% net income drop and eight quarters of declining sales amid strong competition from Walmart and Amazon.
- Target Corp. has confirmed Michael Fiddelke as its new CEO, effective February 1, succeeding Brian Cornell who will transition to Executive Chair of the board.
- Fiddelke, currently the Chief Operating Officer, has a 20-year history with the company and plans to restore Target's popularity.
- He acknowledged challenges for Target, mentioning the need for further improvements in on-shelf availability during an analyst call.
- Cornell stated that Fiddelke's appointment followed years of vetting by the board of both internal and external candidates.
89 Articles
89 Articles
Target boss out after 11 years — proof that missing DEI is bad for business
Target is replacing its longtime CEO Brian Cornell due to a slump in sales that was contributed to in no small part by the company’s decision to retreat on its DEI policies. Cornell’s reign at the top of the retail store began in 2014, and CNN gives him credit for revolutionizing the company’s e-commerce branch, which enabled it to be competitive against Amazon. During the turn of the decade, when a lot of companies decided to acknowledge their …
MyCentralOregon.com
WBALTarget CEO to step down as sales remain sluggish
Target CEO Brian Cornell. The Walt Disney Company/Image Group LA via Getty Images (NEW YORK) — Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday. In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies. Michael Fid…
Coverage Details
Bias Distribution
- 60% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
