Target Announces New CEO from Within

Target is poised for a significant transition as it prepares to promote its own talent to fill the CEO position.

The discount retailer revealed that Michael Fidelke, who has been with the company for years, will take over as CEO, succeeding Brian Cornell on February 1, 2026. Fidelke has been part of Target since 2003 when he started as an intern, gradually advancing to CFO and COO roles.

“I’ve been in discussions with the board about this for a long time. It’s been 11 years in my current role, and now I’m beginning my 12th day. Honestly, I’m 67 and will be turning 67 early next year,” Fidelke expressed. He emphasized the importance of family time and mentioned recent visits to Minneapolis, where he appreciated the support from his colleagues.

“I’ve poured my heart into Target for the past 20 years. There’s nothing more crucial than working with an amazing team to shape the next phase of this company,” Fidelke added.

For those following Target’s journey, this move isn’t entirely unexpected. Fidelke has been closely aligned with Cornell for several years, and over the last year, it became increasingly clear that he was the favored successor. I’ve come to know him better recently and find him to be quite personable, making it interesting to see how he will adapt to the role of CEO.

If this marks a new era for Target, many might celebrate the decision. It’s not every day that an intern rises to the level of CEO; the only similar instance I can recall is Doug McMillon at Walmart, who started as a truck loader before ascending to the top.

That said, Fidelke may not enjoy a typical honeymoon phase. His tenure comes after Target faced challenges in the past two years, including a disappointing second quarter. A source I spoke with mentioned a preference for an outsider to lead the company, someone who could bring fresh perspectives to address current issues. Unlike Cornell’s appointment in 2014—which followed his extensive experience at Walmart and PepsiCo—Fidelke’s rise is seen as a continuation of existing strategies that some might argue aren’t effective.

I reached out to find out how he plans to tackle challenges during his initial strategic evaluation—something new leaders often do. He seemed to diverge from Cornell’s strategies and appeared ready to initiate changes promptly, which will be essential to reassure a skeptical Wall Street.