Prime Highlights
- Target appoints Michael Fiddelke as the current CEO, effective from February 1, 2026
- The leadership change comes amid weak sales performance and growing competition from rivals.
Key Facts
- Michael Fiddelke has been with Target for 20 years, holding roles across finance, operations, merchandising, and HR
- Fiddelke outlined three priorities: strengthen Target’s product appeal, improve customer experience, and boost efficiency through technology
Background
Target has selected Michael Fiddelke, its current Chief Operating Officer, as the new Chief Executive Officer of the company. He will replace current CEO, Brian Cornell on February 1, 2026, taking charge at a time when the retailer is working to revive growth and rebuild investor trust.
The leadership change comes after several quarters of weak performance. Target is losing business to rivals, and the company warns that its sales will decline. The stocks of the company fell by more than 6% on Wednesday, following the release of its quarterly earnings and outlook.
Speaking to reporters, Fiddelke said he aims to “rebuild momentum” and bring the company back to profitable growth. He laid out three main areas of focus: strengthening Target’s reputation for stylish and distinctive products, delivering a more reliable shopping experience, and improving efficiency through technology.
However, the Analyst noted that some investors had hoped for an external hire who could bring a fresh perspective. Stacey Widlitz, president of SW Retail Advisors, told CNBC that the insider pick may have contributed to the drop in Target’s share price.
Fiddelke is a 20-year veteran of Target who has served in multiple leadership roles across finance, operations, merchandising, and human resources. He was appointed Chief Financial Officer in 2019, promoted to Chief Operating Officer in 2024, and earlier this year was tasked with leading the Enterprise Acceleration Office, a division created to improve business performance.
Fiddelke noted that, despite the current hurdles, the company still has a “strong foundation” to move forward from. Still, Target expects a low-single-digit percentage decline in sales this fiscal year, reflecting the uphill task ahead for the incoming CEO.
