Brian Cornell, the current CEO of Target, announced he will be stepping down from his executive position next year. The company’s announcement comes amid declining sales. In a statement from a Wednesday, August 20, press release, Cornell said, “I want to thank the entire team at Target for their unwavering focus on our guests and on advancing our culture. It has been a privilege to lead this team over the last 11 years, and I will continue to support and champion Target in my role on the Board.”
Below, learn more about Cornell and his replacement at Target.
Who Is Brian Cornell?
Cornell is the current CEO of Target. He began his executive position in 2014. Previously, Cornell worked with various major retailers in the United States, including as Safeway’s chief marketing officer and executive vice president, and he was on the board of directors for OfficeMax and The Home Depot.
Why Is Brian Cornell Stepping Down as the CEO of Target?
Multiple outlets reported that Cornell’s departure as CEO was likely due to Target’s deteriorating stocks and earnings. However, the company also noted that it had been seeking changes in leadership “over the last several years.”
According to a statement by Christine Leahy, the lead independent director of Target’s Board of Directors, the board at Target “has been executing a deliberate and thoughtful CEO succession process, including an extensive external search and assessment of many strong candidates” for the “last several years.”
“On behalf of the Board of Directors, I want to express gratitude for Brian’s vision, leadership and dedication to Target,” Leahy said in a press release. “Under Brian, Target has become a $100+ billion company, with revenues increasing by $34 billion in 11 years. Target has been transformed into a true omni-channel retailer as Brian and the team pioneered the stores-as-hubs concept, developed industry-leading same-day services like Drive Up, grew digital performance and built private labels into desirable brands of their own. Together, those capabilities are a competitive strength that Michael and his talented executive leadership team will use to advance the company.”
Who Is the New CEO of Target?
The new CEO of Target, effective on February 1, 2026, will be Michael Fiddelke, who has worked with the company for 20 years. Fiddelke currently serves as Target’s chief operating officer.
According to Target’s press release, Leahy said about Fiddelke, “It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment.”
She continued, “Michael’s tenure gives him unmatched enterprise insight and a base of strong team trust. But what sets him apart is how he combines those strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value.”
On his new position, Fiddelke said, “It is truly an honor to be named Target’s next chief executive officer. After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail. My history with the company also 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.”
The COO and future CEO noted that he’s “eager to refocus [Target’s] 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. And to be clear, we have work to do to reach our full potential.”
“Now’s the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum,” Fiddelke said, before thanking Cornell for “his leadership and for ensuring Target has an excellent foundation, consisting of nearly 2,000 stores, a $30 billion owned-brand portfolio and world-class partnerships, a fast-growing profitable digital business and one of retail’s biggest loyalty programs, all powered by an experienced leadership team and hundreds of thousands of talented team members.”
Cornell praised his successor, saying that there “no one better suited to move Target forward than Michael Fiddelke.”
“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,” Cornell added. “Those leadership attributes will be critical in shaping the next generation of Target.”
Read the full article here
