Target’s Leadership Transition

Target is marking a significant moment in its 63-year journey by promoting from within, naming Michael Fidelke as its next CEO.

The discount retailer revealed that Brian Cornell, who has served as CEO for years, will pass the torch to Fidelke on February 1, 2026. Fidelke, who began his career at Target as an intern in 2003, has climbed the ranks to become CFO and COO.

“I’ve been discussing this transition with the board for some time now. After 11 years in this role—well, I’m actually on my 12th day—it’s been a long journey. I’ll be 67 early next year, and during my tenure, I’ve spent significant time with my family and at our Minneapolis headquarters, supporting Michael,” Cornell noted.

Fidelke expressed his passion for Target, saying, “Having been here for 20 years, I feel I’ve bled Target red. Working with this fantastic team to carve out the next chapter is incredibly important to me. I’ve witnessed our best moments together.”

For those familiar with Target’s history, this announcement isn’t too surprising. Fidelke has been closely aligned with Cornell for several years, and it became increasingly evident that he was being groomed for this role. Personally, I’ve learned quite a bit about him recently, and he strikes me as a genuine leader who will step into the CEO position with the right mindset.

If this signifies a new era for Target, many will likely celebrate the decision. It’s not every day that someone transitions from intern to CEO. A rare parallel could be drawn to Doug McMillon, the CEO of Walmart, who similarly rose from the ground up.

That said, Fidelke might not enjoy a cushy honeymoon period. His ascent comes amid a challenging time for Target, especially after facing hurdles over the past couple of years, including a weak second quarter. Some have suggested that perhaps an outsider would have been beneficial, bringing fresh perspectives to address ongoing issues—unlike when Cornell joined in 2014, primarily from Walmart and Pepsico. Fidelke’s appointment might be viewed as a continuation of strategies that haven’t quite hit the mark.

I reached out to him regarding his plans for moving forward with a strategic review, something expected from any new leader. He seemed inclined to break from Cornell’s approach and hinted at needing to implement changes swiftly to appease a skeptical Wall Street.