Target’s long-time CEO Brian Cornell will step down from the top job on Feb. 1, 2026, when current COO Michael Fiddelke will succeed him and join the company’s board of directors. Fiddelke is a 20-year veteran of Target with a wide range of leadership experience across merchandising, finance, operations and human resources.
Recently, Fiddelke established the company’s Enterprise Acceleration Office, designed to reshape how Target operates by removing complexity, expanding technology and enabling greater flexibility.
The announcement came as Target reported its financial results for Q2 2025, which ended Aug. 2. The retailer generated $25.2 billion in net sales, a 0.9% decline compared to the same period the previous year. Comparable sales also fell, by 1.9%.
“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,” said Christine Leahy, Lead Independent Director of Target’s board in a statement. “Michael’s tenure gives him unmatched enterprise insights and a base of strong team trust. But what sets him apart is how he combines those strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value.”
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Leahy praised Cornell’s accomplishments over the past decade-plus: “Under Brian, Target has become a $100+ billion company, with revenues increasing by $34 billion in 11 years. Target has been transformed into a true omnichannel retailer as Brian and the team pioneered the stores-as-hubs concept, developed industry-leading same-day services like Drive Up, grew digital performance and built private labels into desirable brands of their own.”
Cornell also had to navigate controversy during his time as CEO, most notably following Target’s May 2023 decision to remove LGBTQ Pride-themed merchandise from some stores. Cornell responded to protests in August 2023, saying the retailer was seeking to find a balance between supporting LGBTQ Pride and keeping store associates and customers safe.
In September 2022 Cornell had agreed to stay at the retailer’s helm for an additional three years, even though that put him beyond the company’s retirement age of 65.
