A New Era for Target: Cornell to Pass the Baton to 22-Year Veteran Fiddelke in 2026
Minneapolis, MN – After a transformative 11-year tenure that saw Target navigate the turbulent waters of retail’s digital revolution and a global pandemic, CEO Brian Cornell has announced he will step down from the top job on February 1, 2026. In a move signaling a focus on homegrown leadership, the Minneapolis-based retail giant has named Michael Fiddelke, the company’s current executive vice president and chief operations officer, as his successor. The transition comes as Target grapples with a challenging retail environment, marked by shifting consumer spending and a recent dip in sales.
Cornell, 66, who made history in 2014 as the first outsider to be appointed CEO of Target, will not be leaving the company entirely. He will transition to the role of executive chair of the board, continuing to lend his considerable experience to the company he helped grow into a more than $100 billion enterprise. This move is part of a deliberate and thoughtful succession plan that the board has been executing over the last several years, which included a rigorous external search for candidates.
The announcement of the leadership change coincided with the release of Target’s mixed second-quarter results for 2025. The company reported a 1.9% decrease in comparable sales and a 0.9% fall in overall sales from the previous year. Operating income also saw a significant drop of 19.4% to $1.3 billion, adding a sense of urgency to the impending transition.
The Legacy of Brian Cornell: A Decade of Reinvention
Brian Cornell’s time at the helm of Target has been nothing short of transformative. Taking charge in the wake of a massive data breach that shook consumer confidence, Cornell embarked on an ambitious journey to revitalize the brand. His strategy focused on a multi-pronged approach that included significant investments in store remodels, the expansion of Target’s digital and e-commerce capabilities to compete with giants like Amazon, and the development of a robust portfolio of successful private-label brands.
Under his leadership, Target’s revenue grew by an impressive $34 billion. He is widely credited with re-energizing sales by revamping Target’s store brands and better tailoring individual stores to their local communities. One of Cornell’s most impactful initiatives was the transformation of Target’s physical stores into fulfillment hubs for online orders, a move that proved prescient and crucial during the surge in e-commerce during the COVID-19 pandemic. In 2022, in a vote of confidence, Target’s board eliminated its retirement policy, which would have required him to step down at age 65, and he signed a three-year contract to continue leading the company.
Introducing Michael Fiddelke: A Journey from Intern to CEO
The man set to inherit the leadership of Target is a testament to the company’s tradition of nurturing internal talent. Michael Fiddelke, 49, began his journey at Target 22 years ago as an intern. His career trajectory has seen him take on a diverse range of leadership roles across finance, merchandising, human resources, and operations, giving him an intimate and comprehensive understanding of the company’s inner workings.
A native of a small farm in Iowa, Fiddelke’s work ethic is deeply ingrained. He holds an MBA from Northwestern University’s Kellogg School of Management and a bachelor’s degree in industrial engineering from the University of Iowa. Before joining Target, he spent three years at Deloitte Consulting.
In his most recent roles as chief financial officer from 2019 to 2024 and subsequently as chief operating officer, Fiddelke has been instrumental in steering investments that have scaled Target’s stores, supply chain, and digital capabilities. He is also credited with spearheading an enterprise-wide effort that delivered over $2 billion in efficiencies. More recently, he established and began leading the company’s Enterprise Acceleration Office, an initiative designed to simplify operations, embrace new technology, and increase flexibility to drive performance and long-term growth.
Fiddelke’s Vision: A Return to “Swagger” and Growth
In a video introducing himself as the next CEO, Fiddelke acknowledged the challenges ahead with a candid and direct tone. “I know you’re not satisfied with where Target is today. Neither am I. Getting us back to growth is my number one priority…,” he stated. He emphasized the need for urgency and focus in the fast-paced retail environment.
Fiddelke has laid out three clear priorities for Target’s path forward:
Reclaiming Merchandising Authority:
He is committed to re-establishing Target’s reputation as a trendsetter in retail, offering unique and stylish products at affordable prices. His vision is for Target to lead with “style and design swagger” across all its product categories.
Elevating the Guest Experience:
Ensuring that stores are clean, well-stocked, and provide an exceptional customer experience, both in-person and online, is a cornerstone of his plan.
Investing in Technology:
Fiddelke plans to further invest in technology to enhance speed and efficiency throughout Target’s operations.
“I’ve seen us at our best, and I’ve seen us when we’re not at our best, and that informs my candid assessment today of where we have work to do as well,” Fiddelke remarked during the second-quarter earnings call. His deep-rooted history with the company fuels his sense of responsibility for its future success.
Navigating Headwinds and the Road Ahead
The leadership transition comes at a pivotal moment for Target. The retailer has faced challenges, including a decline in annual revenue over the past two years and criticism over messy stores and uninspired merchandise, which has somewhat tarnished its affectionately known “Tarzhay” image. The company has also been the subject of consumer boycotts, adding another layer of complexity to its turnaround efforts.
Despite the recent financial downturn, there are encouraging signs. The second-quarter results, while showing a decline year-over-year, did indicate an improvement in traffic and sales trends from the first quarter of 2025. The company’s digital business also continues to show momentum.
The board has expressed its full confidence in Fiddelke’s ability to lead Target back to growth. Brian Cornell echoed this sentiment, stating, “There is 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.”
As the retail landscape continues to evolve, all eyes will be on Michael Fiddelke as he prepares to take the helm. His journey from a finance intern to the chief executive’s chair is a compelling narrative of dedication and growth. Now, he is tasked with writing the next chapter for one of America’s most iconic retailers, with a clear mandate to reignite its growth and restore its “swagger.”
