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Target CEO stepping down in 2026
August 29, 2025
Target CEO Brian Cornell will leave his role in February 2026, concluding a three-year commitment he made to stay in the role in 2022.
The news comes at a challenging time for the retailer, according to a New York Post report. Target reported $25.2 billion in sales, down just under 1% from a year ago, in its last quarterly report.
Michael Fiddelke, currently COO, will take the CEO role and join the board.
During his 20-year career at Target, Fiddelke has held leadership roles across merchandising, finance, operations and human resources, according to a press release.
"Over the last several years, the Board has been executing a deliberate and thoughtful CEO succession process, including an extensive external search and assessment of many strong candidates," Christine Leahy, lead independent director of Target's Board of Directors, said in the release. "It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company's strategy, and reestablish Target's position as a leader in the highly dynamic and fast-moving 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."
