Target names Michael Fiddelke as CEO; Cornell to executive chairman

Target announced that its chief operating officer, Michael Fiddelke, will become chief executive next February, with incumbent Brian Cornell stepping into an executive chairman role after more than a decade at the retailer’s helm. The Minneapolis-based company is in the midst of a multiyear turnaround as sales lag rivals and margins face pressure from tariffs, shifting consumer tastes, and a more competitive landscape. The leadership transition comes as Target seeks to restore growth and sharpen its operating rhythm.

Fiddelke, a 49-year-old veteran who has spent more than 20 years at Target, has held leadership roles across merchandising, finance, operations and human resources, rising to chief financial officer before becoming chief operating officer. He has led efforts to scale the company’s store base, strengthen its supply chain and expand digital capabilities, while guiding a program that delivered substantial efficiencies across the enterprise. In the board’s view, his tenure provides deep institutional knowledge combined with a “fresh eyes” approach meant to push the business to evolve and create long-term value.

Target’s latest quarterly results illustrate the...