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Target CEO Brian Cornell steps down after 10 years amid sliding sales: Here's who will succeed him
Target CEO Brian Cornell will step down next year after over a decade.
Target CEO Brian Cornell will step down next year after more than a decade leading the company, as the retail chain faces mounting challenges and works to reverse the sliding sales. His departure comes amid a broader effort to reignite growth and steer the brand through a critical turnaround, as reported by the New York Post.
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Who will be the next CEO of Target?
On Wednesday, the retail chain announced in a press release that its board of directors unanimously elected COO Michael Fiddelk to be the next chief executive officer and become a member of its Board of Directors in early 2026, as reported by The Associated Press. Meanwhile, current CEO Cornwell will shift to the role of executive chair of the board of directors.
Fiddelk, who has served for 20 years in the company, was appointed after several years of the board vetting internal and external candidates for the role. As part of his current role, he recently launched and now leads Target’s Enterprise Acceleration Office, focused on transforming the company’s operations.
In a statement, Fiddelk acknowledged that the company has “work to do to reach our full potential.” He shared that he plans to utilise the company's strength to “embrace change with pace and purpose, and regain our momentum,” according to the Target Corporation press release.
Cornell praises Fiddelk as the future CEO of Target
The current CEO said in a statement, “There is no one better suited to move Target forward than Michael Fiddelke.” He continued, “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,” adding, "Those leadership attributes will be critical in shaping the next generation of Target."
On Wednesday, Target also reported another drop in its sales this quarter. The company reported a 21% decline in net income for the quarter ending August 2, while its stock fell over 8% in pre-market trading.
