Target's board of directors has appointed a new chief executive officer to lead the retail giant, the company announced Aug. 20.
Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release.
Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.
After finishing his tenure as CEO, Cornell will serve as executive chair of Target's board of directors. Target said it will announce its new COO — Fiddelke's successor — "at a later date."
The announcement came the same day Target released its second quarter earnings, revealing the quarter's comparable sales fell by nearly two percent.
