Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

Target CEO Brian Cornell will step down next year after more than a decade leading the company, as the retailer faces mounting challenges and works to reverse the sliding sales. His departure comes amid a broader effort to reignite growth and steer the brand through a critical turnaround, as reported by the New York Post.