Target names Michael Fiddelke next CEO as it tries to break slump

Target said company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street.

Target on Wednesday said that company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street’s favor.

Fiddelke, the company’s 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1. Cornell, who took the helm of the cheap chic retailer in 2014, will transition to the role of executive chair on Target’s board of directors.

The Minneapolis-based retailer made the announcement on the same day it reported fiscal second-quarter results. It topped Wall Street’s quarterly sales and earnings expectations, but stuck by a full-year outlook that forecasts another annual sales decline.

Target shares dropped about 10% in premarket trading after the company made the CEO announcement and released results. Before Target announced its choice, Wall Street appeared to favor an outsider for the top job.

Michael Fiddelke at Target headquarters in Minneapolis o June 24, 2025. Elizabeth Flores / Star Tribune via Getty Images fileFiddelke steps into Target’s top role as the big-box retailer tries to find its footing and get back to growth. Target’s annual sales have been roughly flat for the past four years after the company’s sales soared during the Covid pandemic.