Michael Fiddelke will become Target's new CEO in February 2026, completing a remarkable 22-year journey from company intern to chief executive.

Target Corp. and its board of directors has elected Michael Fiddelke, chief operating officer, to succeed Brian Cornell as CEO.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Target on Wednesday named a new chief executive, Michael Fiddelke, the company’s chief operating officer and a 20-year company veteran, who said that improving the retail giant’s sputtering finances was “urgent” as he prepared to step into the top job.

Before that, Sarina reported and edited for the business and real estate sections of amNewYork. Mario Tama / Getty Images Michael Fiddelke is slated to become Target's CEO in February, disappointing investors who were looking for an external candidate to ...

Target faces headwinds, including sliding sales and a declining stock price. Incoming CEO Fiddelke said he aims to invest in technology and create more consistency for shoppers.

Target has been cutting costs to cope with tariffs, a sign of the tough conditions its next chief will have to navigate.