Target Promotes COO Michael Fiddelke To CEO As Brian Cornell Becomes Executive Chair

(RTTNews) - Retail major Target Corp. (TGT) announced Wednesday the appointment of Michael Fiddelke, chief operating officer, to succeed Brian Cornell as chief executive officer. Further, Cornell will transition to the role of executive chair of the Board of Directors. Both appointments are effective February 1, 2026.

The company also reported weak second-quarter profit.

In the pre-market activity on the NYSE, Target shares were losing around 9 percent to trade at $95.85.

Fiddelke, who has been with Target for 20 years, previously was chief financial officer.

Fiddelke will also join the Board of Directors on the same date, with Cornell moving into the role of executive chair.

The company plans to make an announcement about the next chief operating officer at a later date.

Christine Leahy, lead independent director of Target's Board of Directors, said, "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. Michael's tenure gives him unmatched enterprise insight 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."