Good morning. There’s more executive turnover in the Fortune 500. Target CEO Brian Cornell is stepping down, and Michael Fiddelke, chief operating officer (COO), will become chief executive on Feb. 1, 2026. Cornell has led Target for 11 years.

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.

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.

(Reuters) -Target needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it. The retailer has missed the performance mark for many quarters, with sales flagging after a pandemic high, as it failed to ...

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.

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