CEO of Major Retailer Steps Down as Sales Decline and DEI Efforts are Reduced

Target CEO Steps Down After 11 Years

Target announced on Wednesday that CEO Brian Cornell will be stepping down after an 11-year tenure, coinciding with a sales decline projected for 2025.

The company’s board has chosen COO Michael Fiddelke to succeed Cornell, effective February 1, 2026. This change comes amid Target facing falling shares and stagnant yearly sales over the past four years, as reported by CNBC.

“Over the last several years, the Board has been conducting a thoughtful CEO succession process, including a wide search for the best candidates,” said Christine Leahy, the lead independent director of Target’s board. “Michael is the right leader to steer Target back to growth, refresh the company’s strategy, and reestablish its position in the rapidly changing retail landscape.”

Earlier this year, Target announced a rollback of its diversity, equity, and inclusion (DEI) initiatives, which drew criticism and led to boycotts. This trend aligns with actions taken by many large companies that have reduced their DEI efforts following pressures stemming from the previous administration.

Target has also faced backlash recently for its LGBTQ merchandise, losing about $10 billion in market value within ten days following criticism of its “pride” clothing collections aimed at children.

Going forward, Cornell will transition to the role of executive chair of Target’s board starting February 1, 2026. Fiddelke expressed a strong commitment to drive growth as the new CEO.

“Having spent over 20 years at Target, I understand our brand’s strength, the talent of our team, and the unique place we occupy in retail,” Fiddelke remarked. He emphasized the urgency to refocus strategy and enhance the qualities that have made Target a favored destination for shoppers.

“We have work to do to achieve our full potential. It’s an important time to leverage our strengths, adapt swiftly to change, and regain our momentum,” he stated, while also acknowledging Cornell’s impact on laying a solid foundation for the future.