Target CEO Brian Cornell has decided to step down after 11 years amid sliding sales of the retailer.
According to Associated Press, Cornell, who has been leading the company for more than a decade, plans to step down on February 1, 2026, as it struggles to boost sales in an increasingly competitive retail market since the COVID-19 pandemic.
Minneapolis-based Target Corp.On Wednesday, August 20, it was announced that Chief Operating Officer Michael Fiddelke, who has been working for the company for 20 years, will succeed Cornell.
After stepping down as CEO of the company, Cornell will take on a new role as the executive chair of the board of directors.
The non-executive chairman of Yum! Brands revealed that the appointment came after the board spent several years evaluating internal as well as external candidates. Fiddelke became the right choice for the position, as he not only revamped the supply network of the Target but also helped in growing the company's physical stores and digital services while reducing costs.
Cornell told reporters, “Mike was the right candidate to lead our business back to growth. As I arrived at Target, I consistently relied on Michael’s strategic insights and sound judgement when making decisions. Michael has developed a deeper knowledge of our business than anyone I know.”
Meanwhile, Fiddelke said, “When we’re leading with swagger in our merchandising authority, when we have swagger in our marketing, and we’re setting the trend for retail, those are some of the moments I think that Target has been at its highest in my 20 years.”
It is worth noting that the board extended the contract of 66-year-old Cornell, who became the chief executive of Target in August 2014, for three years in September 2022, eliminating the company policy that requires the CEO to retire at the age of 65.
