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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.
