New York Target’s longtime chief executive, Brian Cornell, will step down from his role after serving nearly 11 years at the helm, as the retail giant struggles with declining sales and growing criticism over its shifting diversity and inclusion policies.
Cornell, who took charge in 2014, is credited with revitalizing the brand through store remodels and a stronger online presence, helping Target better compete with rivals like Amazon. However, in recent years the retailer has faced a steep downturn, hit by weaker demand for home goods and apparel, along with fierce competition from Walmart, Costco, and Amazon.
The leadership transition will take place on February 1, 2026. Cornell will be succeeded by Michael Fiddelke, Target’s current chief operating officer, who has been with the company for two decades. While some analysts pushed for an external hire to bring fresh perspective, Target’s board has chosen to stick with an insider.
On Wednesday, Target reported its third consecutive quarter of falling sales, pushing shares down by 8% in premarket trading. The company’s stock is among the S&P 500’s poorest performers this year.
This marks a pivotal moment for Target as it looks to regain customer trust and stabilize its business under new leadership.
