Shares in Target dropped nearly 11% before recovering slightly after the announcement.

Fiddelke will take over as Target CEO as the big-box retailer tries to win back both customers and investors after roughly four years of stagnant sales.

Target said Michael Fiddelke, its current chief operating officer, will succeed Brian Cornell as CEO.

New CEO Michael Fiddelke faces a major cleanup—and fierce competition.

Shares in Target dropped nearly 11% before recovering slightly after the announcement.

Michael Fiddelke, Target's next CEO, started at the company as an intern and worked his way up — getting promoted or changing jobs roughly every two years.

The 20-year Target veteran will soon lead the company's efforts to make a comeback.