Target names Michael Fiddelke as next CEO, replacing Brian Cornell
Target Corporation (NYSE: TGT) announced that its board of directors has unanimously elected Michael Fiddelke as chief executive officer, effective February 1, 2026. Fiddelke, currently the company's chief operating officer, will succeed Brian Cornell and join Target's board of directors.
Cornell, who has served as chair and CEO, will transition to executive chair of Target's board of directors on the same date. The appointment follows what the company described as a deliberate succession process that included an external search.
Fiddelke has worked at Target for 20 years, holding leadership positions across merchandising, finance, operations and human resources. As chief operating officer and previously chief financial officer, he oversaw investments in stores, supply chain, digital capabilities and workforce development. He led efforts to deliver more than $2 billion in efficiencies and established the company's Enterprise Acceleration Office.
"It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company's strategy," said Christine Leahy, lead independent director of Target's board, according to the company's press release.
Under Cornell's leadership over 11 years, Target's revenues increased by $34 billion, making it a company with more than $100 billion in annual revenue. The company developed same-day services and grew its digital business during his tenure.
Target operates nearly 2,000 stores and serves customers online at Target.com. The Minneapolis-based retailer has a $30 billion owned-brand portfolio and operates one of retail's largest loyalty programs.
The company stated it will announce Cornell and Fiddelke's successor as chief operating officer at a later date. Both executives will work together during the transition period leading up to February 2026.