Target Corporation has announced that Michael Fiddelke, currently serving as the Chief Operating Officer, will become the new Chief Executive Officer, succeeding Brian Cornell. The transition is set to take place on February 1, 2026. Brian Cornell, who has been at the helm since 2014, will step down from his CEO role but continue to serve as the Executive Chair of Target’s board of directors.
The announcement coincided with the release of Target’s second-quarter earnings, which revealed a decline in comparable sales by nearly two percent. The company reported net sales of $25.2 billion, marking a 0.9% decrease compared to the previous year, while operating income dropped by 19.4% to $1.3 billion.
Michael Fiddelke, who has been with Target for over 20 years, expressed a strong commitment to revitalizing growth and improving results. He emphasized the need for the company to accelerate its strategies to return to growth. Fiddelke, who began his career at Target as an intern in 2003, has held various roles, including Chief Financial Officer before becoming COO in January 2024.
Target has indicated that the successor for the COO position will be announced at a future date. As Fiddelke prepares to lead the company, he will also join Target’s board of directors, starting his dual role on February 1, 2026.