Brian Cornell is stepping down as CEO of Target: the new CEO is Michael Fiddelke
20 august 2025 в 19:50
Brian Cornell, current CEO of Target, announced that he plans to step down as executive director next year. The company’s announcement came against the backdrop of declining sales. In a statement on Wednesday, August 20, Cornell said: «I want to thank the entire Target team for their unwavering focus on our guests and for advancing our culture. It has been a privilege to lead this team for the past 11 years, and I will continue to support and defend Target in my role on the Board of Directors».
Read on to learn more about Cornell and his replacement at Target.
Cornell is the current CEO of Target. He took on his role in 2014. Prior to Target, Cornell worked in various major retail chains in the United States, including as Chief Marketing Officer and Executive Vice President at Safeway, and served on the boards of directors of OfficeMax and The Home Depot.
Several sources have reported that Cornell’s departure as CEO is likely related to the decline in Target’s stock and profits. However, the company also noted that it had been seeking leadership changes «over the past few years».
According to a statement from Christina Lee, lead independent director of Target’s Board of Directors, the board at Target «conducted a deliberate and thoughtful CEO succession process, including an extensive external search and evaluation of many strong candidates» over the «past few years».
«On behalf of the Board of Directors, I want to express gratitude for the vision, leadership, and dedication to Target that Brian has demonstrated», - Lee said in a press release. «Under Brian’s leadership, Target has become a company with over $ 100 billion in revenue, with revenue increasing by $ 34 billion over 11 years. Target has transformed into a true networked retailer, as Brian and his team developed the concept of hub stores, introduced industry-leading same-day delivery services such as Drive Up, improved digital performance, and created sought-after brands. Together, these capabilities are a competitive advantage that Michael and his talented executive team will leverage to advance the company».
The new CEO of Target, starting February 1, 2026, will be Michael Fiddelke, who has been with the company for 20 years. Fiddelke currently serves as Target’s Chief Operating Officer.
According to a Target press release, Lee said of Fiddelke: «It is clear that Michael is the right leader to return Target to growth, reorient and accelerate the company’s strategy, and restore Target’s position as a leader in the high-energy and rapidly changing retail environment».
She continued: «Michael's tenure gives him unparalleled insight into the enterprise and a solid foundation of team trust. But what sets him apart is how he combines these strengths with a 'fresh eyes' mindset, challenging the status quo for the evolution of how the business operates, stands out, and delivers long-term value».
Regarding his new position, Fiddelke said: «It is truly an honor to be appointed the next CEO of Target. After more than 20 years at Target, I know the strength of our brand, the talent of our team, and the special place we hold in retail. My history with the company also deepens my sense of responsibility for where Target goes next, and I enter the role with a strong commitment to driving growth and achieving the best results».
The Chief Operating Officer and future CEO noted that he «looks forward to reorienting [Target's strategy] and developing the assets and opportunities that have made Target a favorite place for incredible products and a unique shopping experience. And to be clear, we have work to do to achieve our full potential».
«Now is the time to fully leverage our strengths, embrace change at pace and purpose, and regain our momentum», - Fiddelke said, before thanking Cornell for «his leadership and for providing Target with an excellent foundation, consisting of nearly 2,000 stores and $ 30 billion in revenue»
Read on to learn more about Cornell and his replacement at Target.
Cornell is the current CEO of Target. He took on his role in 2014. Prior to Target, Cornell worked in various major retail chains in the United States, including as Chief Marketing Officer and Executive Vice President at Safeway, and served on the boards of directors of OfficeMax and The Home Depot.
Several sources have reported that Cornell’s departure as CEO is likely related to the decline in Target’s stock and profits. However, the company also noted that it had been seeking leadership changes «over the past few years».
According to a statement from Christina Lee, lead independent director of Target’s Board of Directors, the board at Target «conducted a deliberate and thoughtful CEO succession process, including an extensive external search and evaluation of many strong candidates» over the «past few years».
«On behalf of the Board of Directors, I want to express gratitude for the vision, leadership, and dedication to Target that Brian has demonstrated», - Lee said in a press release. «Under Brian’s leadership, Target has become a company with over $ 100 billion in revenue, with revenue increasing by $ 34 billion over 11 years. Target has transformed into a true networked retailer, as Brian and his team developed the concept of hub stores, introduced industry-leading same-day delivery services such as Drive Up, improved digital performance, and created sought-after brands. Together, these capabilities are a competitive advantage that Michael and his talented executive team will leverage to advance the company».
The new CEO of Target, starting February 1, 2026, will be Michael Fiddelke, who has been with the company for 20 years. Fiddelke currently serves as Target’s Chief Operating Officer.
According to a Target press release, Lee said of Fiddelke: «It is clear that Michael is the right leader to return Target to growth, reorient and accelerate the company’s strategy, and restore Target’s position as a leader in the high-energy and rapidly changing retail environment».
She continued: «Michael's tenure gives him unparalleled insight into the enterprise and a solid foundation of team trust. But what sets him apart is how he combines these strengths with a 'fresh eyes' mindset, challenging the status quo for the evolution of how the business operates, stands out, and delivers long-term value».
Regarding his new position, Fiddelke said: «It is truly an honor to be appointed the next CEO of Target. After more than 20 years at Target, I know the strength of our brand, the talent of our team, and the special place we hold in retail. My history with the company also deepens my sense of responsibility for where Target goes next, and I enter the role with a strong commitment to driving growth and achieving the best results».
The Chief Operating Officer and future CEO noted that he «looks forward to reorienting [Target's strategy] and developing the assets and opportunities that have made Target a favorite place for incredible products and a unique shopping experience. And to be clear, we have work to do to achieve our full potential».
«Now is the time to fully leverage our strengths, embrace change at pace and purpose, and regain our momentum», - Fiddelke said, before thanking Cornell for «his leadership and for providing Target with an excellent foundation, consisting of nearly 2,000 stores and $ 30 billion in revenue»
© Kolganov Andrey
