Target Taps Insider as Next CEO

Target Corp. (Minneapolis) announced its board has unanimously elected COO Michael Fiddelke to succeed Brian Cornell as CEO, effective Feb. 1, 2026. Fiddelke is a 20-year veteran of the retailer, having held leadership roles across merchandising, finance, operations and human resources.

As COO, and before that CFO, the retailer said in a news release that Fiddelke “has overseen efforts that enabled exponential growth across the business, including investments to build and scale the company’s stores, supply chain, digital capabilities and team.

“Recently, Fiddelke established and began leading the company’s Enterprise Acceleration Office to reshape how Target operates – removing complexity, expanding technology and enabling more flexibility so the team can move faster to improve performance and drive long-term growth.”

The company, which has just under 2000 stores, concedes it has been struggling to get its “Tar-jay” mojo back in recent quarters. Its ongoing struggles include backlash from its move away from DEI initiatives earlier this year and the loss next year of Ulta Beauty’s 600 shops-in-shops. (Coinciding with its announcement about Fiddelke’s promotion, Target put out a separate release on its results for the second quarter. For that period, it had net sales of $25.2 billion, down 0.9% from the same quarter last year, and adjusted earnings-per-share of $2.05, down from $2.57 a year earlier.)

In the release on Fiddelke’s upcoming ascension to the retailer’s top role, Target sought to address concerns that it had stayed within its own ranks to fill the CEO spot, rather than hiring a high-profile executive from elsewhere.

“What sets Michael apart is how he combines his strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value,” said Christine Leahy, lead independent director of the retailer’s board.

Fiddelke said, “My history with the company deepens my sense of responsibility for where Target goes next, and I step into the role with an urgent commitment to drive growth and deliver better results. I am eager to refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience.”

Cornell and Fiddelke will work together through the transition, and on Feb. 1, 2026, Fiddelke will join the board, with Cornell moving into the role of executive chair. An announcement about the company’s next COO will come at a later date.