Target appointed COO Michael Fiddelke to become CEO in February 2026, with long-time CEO Brian Cornell retiring after 11 years. Comparable sales have declined in six of the past nine quarters and fell 1.9% in the quarter ending July 31. Store foot traffic decreased 3.9% year-over-year in June, and the stock is down more than 28% year-to-date, leaving market value near $44.6 billion. Fiddelke joined Target in 2003 as an intern and led investments in store growth and the digital business as COO. Fiddelke has acknowledged the company is not realizing its full potential and faces a turnaround challenge.
Target announced on Wednesday that its Chief Operating Officer (COO), Michael Fiddelke, will assume the position of Chief Executive Officer (CEO) in February 2026. The company's current CEO, Brian Cornell, who has been in the role for 11 years, will retire that month. "There is no one better suited to move Target forward than Michael Fiddelke," Cornell stated in a news release. "He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth, and a natural ability to inspire those around him to define what's next."
According to Business Insider, Target has reported drops in comparable sales, or sales from stores and digital channels, for six of the past nine quarters. On Wednesday, Target stated that comparable sales declined by 1.9% in its most recent quarter ending July 31. Foot traffic to Target stores has also dropped, decreasing 3.9% year-over-year in June.
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