Target CEO Step Down: What We Know
Target CEO Brian Cornell has stepped down amid declining company revenue this quarter. Michael Fidelke takes over.
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Target’s board of directors has appointed a new CEO to lead a retail giant, the company announced on August 20th.
Target’s current chief operating officer Michael Fiddelke will take over Brian Cornell as chief executive, the company said in a release.
Cornell, who has been the company’s CEO since 2014, resigned on February 1, 2026, and Fidelke will take over the role.
CORNELL will serve as the executive chair of Target’s board of directors after completing his tenure as CEO. Target said it will announce a new COO called “At a Later” which will be Fiddelke’s successor.
The announcement came on the same day that released second-quarter revenue, revealing that quarterly equivalent sales fell nearly 2%.
“I will step into that role with an urgent commitment to foster growth and deliver better results,” Fidelke said in a statement.
Target releases second quarter revenue and nominates a new CEO
Target announced its second quarter revenue on August 20th after cutting its annual sales forecast in May.
The company reported net sales of $25.2 billion in the second quarter. This was reported to be 0.9% lower than last year.
Equivalent sales for the second quarter fell 1.9%, with operating profit of $1.3 billion, 19.4% lower than last year.
After releasing first quarter revenue in May, Target said it expects a single-digit decline in annual revenue. The company previously forecasted net sales growth of around 1%.
Target’s newly appointed CEO Fidelke said in a media call to its second quarter revenue report that the company “needs to move faster and far faster.”
“My number one goal is to bring us back to growth,” Fidelke said.
Who is Target’s new CEO, Michael Fiddelke?
According to Target’s website, Fidelke, 49, has worked for Target for over 20 years and joined the company in 2003 as an intern.
Before being appointed Chief Operating Officer in January 2024, Fidelke was Target’s Chief Financial Officer.
In addition to taking on the CEO role, Fiddelke will also be taking on Target’s board of directors on February 1, 2026, the company said.
“After more than 20 years at Target, we know the strength of our brand, the talent of our team, and the special places we hold in our retail stores,” Fidelke said in a statement.
He holds a Masters in Business Administration from Northwestern University and a Bachelor of Arts in Industrial Engineering from the University of Iowa.
This story has been updated with new information.
Contribution: Reuters
Melina Kahn is a national trending reporter for USA Today. She can be contacted at melina.khan@usatoday.com.
(This story has been updated to include a video.)
