Target’s CEO is stepping down as sales continue to plunge
Target CEO Brian Cornell is stepping down after 11 years at the retailer
By Nathaniel Meyersohn, CNN
New York (CNN) — Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.
Cornell’s departure was widely expected. Some industry analysts believed Target should bring in an outside voice to lead the company, but it opted for an internal candidate: Cornell will be replaced on February 1, 2026, by Michael Fiddelke, Target’s current chief operating officer. Fiddelke has been at the company for 20 years.
Cornell took over in 2014 and revitalized Target. He oversaw a strategy to remodel stores and strengthen the chain’s online business to compete with Amazon.
But Target has been in a deep slump for years, a result largely of its own strategic missteps. The company has also struggled as customers have purchased less of its home goods and clothing, and Target has faced intense competition from Walmart, Amazon and Costco.
Target on Wednesday reported sales fell for the third-straight quarter. Shares fell 8% in premarket trading. Target’s (TGT) stock is among the worst performing companies in the S&P 500 this year.
This is a breaking news story and will be updated.
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