US retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price.
The leadership change comes as rising prices and uncertainty over the knock-on effects of US tariffs have raised concerns over the impact on consumer spending, particularly for Target's discretionary products such as apparel and electronics.
Michael Fiddelke, the company's chief operating officer, will take over from Brian Cornell in February. Mr Fiddelke has been with the company for 20 years.
Shares in Target fell more than 6% on Wednesday after the announcement. Mr Cornell, who has been boss for 10 years, had been expected to retire.
The appointment of Mr Fiddelke marks a return to Target's tradition of hiring a company insider to lead it. Mr Cornell was the first-ever outsider to be made the top boss.
