Target's CEO Brian Cornell will step down on Feb. 1, with Chief Operating Officer Michael Fiddelke succeeding him. Fiddelke is a 20-year company veteran who restructured the supply network, expanded stores and digital services, and reduced costs. A new office he leads aims for faster decision-making to accelerate sales growth. Target faces weak sales, messy and understocked stores, and market-share losses to rivals such as Walmart, with its stock falling more than 8% pre-market on the leadership news. Fiddelke's priorities include reclaiming merchandising authority, improving store conditions and stocking, and investing in store and supply-chain technology. Consumer boycotts began in late January after the company scaled back DEI initiatives.
Cornell said Fiddelke's appointment followed several years of board vetting of both internal and external candidates. Fiddelke has overhauled Target's supply network and expanded the company's stores and digital services while cutting costs. In May, the company announced that he would lead a new office focused on faster decision-making to help accelerate sales growth.
Fiddelke is taking over at time when Target's sales are in a funk, its stores are messy and understocked, and it's losing market share to rivals like Walmart. He said he's stepping into the role with urgency with three priorities: reclaiming the company's merchandising authority; improving the shopping experience by making sure shelves are consistently stocked and stores are clean; and investing in technology at the company's stores and in its supply network.
"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," he said.
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