Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on Feb. 1 as the retailer works on its turnaround strategy.

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.

Activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats. Misinformation spread on social media that the swimsuits designed for transgender people were marketed to children, which they were not. The company removed them from stores.

When Target's new CEO Michael Fiddelke steps into the role in early February, he will inherit a company facing slumping sales, faltering customer loyalty and skeptical investors.

The news the retail industry has been anticipating for months was finally announced on Wednesday: Target CEO Brian Cornell is finally stepping down after 11 years at the helm and will be replaced by his operations chief Michael Fiddelke in February.

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

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

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