Target Corporation announced Wednesday, August 20, that longtime CEO Brian Cornell will step down from his executive role next year, ending an 11-year tenure that saw the retail giant undergo sweeping transformations but also grapple with declining sales in recent quarters.
Brian Cornell, who first took the helm in 2014, will officially exit his position on February 1, 2026, though he will remain on Target’s Board of Directors. The company’s current Chief Operating Officer, Michael Fiddelke, has been tapped as his successor following a multi-year succession process.
Brian Cornell, 65, became Target’s CEO after previously holding leadership roles at Safeway, OfficeMax, and The Home Depot. Under his leadership, Target was reshaped into a $100 billion company, spearheading initiatives that integrated digital and in-store shopping, such as the stores-as-hubs model and same-day services like Drive Up and Order Pickup.
In a statement, Brian Cornell expressed gratitude to employees and customers, calling his years at the helm a “privilege.”
“I want to thank the entire team at Target for their unwavering focus on our guests and on advancing our culture,” Cornell said in the company’s press release. “It has been a privilege to lead this team over the last 11 years, and I will continue to support and champion Target in my role on the Board.”
Despite Target’s innovations under Brian Cornell, the company has faced mounting pressure from weakening sales and falling stock performance. Analysts suggest that the board’s push for leadership change is a strategic move to stabilize growth.
Christine Leahy, lead independent director of Target’s Board, emphasized that the succession was carefully planned over several years.
“On behalf of the Board of Directors, I want to express gratitude for Brian’s vision, leadership and dedication to Target,” Leahy said. “Under Brian, revenues increased by $34 billion, and Target became a true omni-channel retailer. Together, those capabilities are a competitive strength that Michael and his talented executive leadership team will use to advance the company.”
Fiddelke, a 20-year veteran of the company, currently serves as Target’s COO. He will assume the role of CEO on February 1, 2026. Known for his analytical rigor and operational expertise, he has held multiple leadership roles across the company, giving him broad insight into Target’s operations and culture.
Leahy praised Fiddelke as the right leader to “return Target to growth” and navigate the increasingly competitive retail environment.
“Michael’s tenure gives him unmatched enterprise insight and a base of strong team trust. But what sets him apart is how he combines those strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value.”
In accepting the role, Fiddelke acknowledged the challenges ahead.
“It is truly an honor to be named Target’s next chief executive officer,” Fiddelke said. “After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail. My history with the company deepens my sense of responsibility for where Target goes next, and I step into the role with an urgent commitment to drive growth and deliver better results.”
He added that Target must “embrace change with pace and purpose” to regain its momentum.
Brian Cornell voiced strong support for Fiddelke, calling him the right leader to guide Target into its next phase.
“There’s no one better suited to move Target forward than Michael Fiddelke,” Cornell said. “He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth, and a natural ability to inspire those around him to define what’s next.”
Target enters this transition period amid industry-wide pressures, including shifting consumer spending habits, inflation, and fierce competition from e-commerce leaders like Amazon and Walmart. With nearly 2,000 stores nationwide, a growing digital business, and one of the largest loyalty programs in retail, the company is betting that Fiddelke’s operational expertise and fresh perspective can reinvigorate its growth trajectory.
As Brian Cornell prepares to hand over the reins, the message from both leaders is clear: Target’s next chapter will be defined by transformation, speed, and a renewed focus on regaining its competitive edge in the retail landscape.