In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

Shares of Target Corp. slumped 10.5% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

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.

Michael Fiddelke, the company’s chief operating officer, will take over as chief executive in February as Brian Cornell transitions to executive chair. The announcement comes at a time Target is trying to emerge from multiple quarters of sales declines.

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back