Forbes

Target Names New CEO As Sales Drop

Daily Mail

Wall Street stunned as boss of one of America's biggest retailers quits amid sales slump

PBS NewsHour

Target CEO Brian Cornell to step down as company struggles with poor sales numbers

New York Post

Target CEO Brian Cornell steps down after 10 years as retailer fights to reverse sliding sales

Targets CEO is stepping down as customers turn away

Guardian

Target CEO steps down as company faces weak sales and customer boycott

Target announced on Wednesday that Chief Executive Officer (CEO) Brian Cornell will step down on February 1, 2026, after 11 years leading the Minneapolis-based retailer, with Chief Operating Officer (COO) Michael Fiddelke chosen to succeed him.

Fox Business

Target announced on Wednesday that Chief Executive Officer (CEO) Brian Cornell will step down on February 1, 2026, after 11 years leading the Minneapolis-based retailer, with Chief Operating Officer (COO) Michael Fiddelke chosen to succeed him.

The announcement follows dwindling sales figures for the company, with Target reporting net sales of $25.2 billion in Q2 2025, a 0.9% decline compared to Q2 2024. Comparable sales, in the meantime, fell by 1.9% and net income by 19.4% to $1.3 billion over the same period.

Target

The announcement follows dwindling sales figures for the company, with Target reporting net sales of $25.2 billion in Q2 2025, a 0.9% decline compared to Q2 2024. Comparable sales, in the meantime, fell by 1.9% and net income by 19.4% to $1.3 billion over the same period.

In the longer run, Target has experienced flat or declining comparable sales in nine out of the past 11 quarters. The last quarter, however, did see a marginal improvement over Q1 2025 across all six core merchandising categories, with net sales rising by almost 2%.

The Associated Press

In the longer run, Target has experienced flat or declining comparable sales in nine out of the past 11 quarters. The last quarter, however, did see a marginal improvement over Q1 2025 across all six core merchandising categories, with net sales rising by almost 2%.

Target stated that the decision to replace Cornell with Fiddelke was unanimous, and that the pair would work together over the transition period until Fiddelke assumed the position of CEO and joined the Board of Directors.

Target stated that the decision to replace Cornell with Fiddelke was unanimous, and that the pair would work together over the transition period until Fiddelke assumed the position of CEO and joined the Board of Directors.

Cornell, meanwhile, will transition into the role of Executive Chair of the Board of Directors, additionally effective February 1. Target will make a separate announcement regarding the company's next COO at a later date.

Cornell, meanwhile, will transition into the role of Executive Chair of the Board of Directors, additionally effective February 1. Target will make a separate announcement regarding the company's next COO at a later date.

Target's stock price dropped by more than 6% in trading following the release of the company's CEO announcement and earnings report, with shares down 23.20% since the start of 2025, excluding Wednesday's premarket decline.

Google Finance

Target's stock price dropped by more than 6% in trading following the release of the company's CEO announcement and earnings report, with shares down 23.20% since the start of 2025, excluding Wednesday's premarket decline.

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The company reported second quarter 2025 net sales of $25.2 billion, representing a 0.9% decline from the previous year, with comparable sales dropping 1.9% and net income falling 21% to $1.3 billion during the same period.</span

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The company reported second quarter 2025 net sales of $25.2 billion, representing a 0.9% decline from the previous year, with comparable sales dropping 1.9% and net income falling 21% to $1.3 billion during the same period.

Target has experienced flat or declining comparable sales in nine out of the past 11 quarters, with store-originated comparable sales declining 3.2% in the latest quarter while digital sales grew 4.3%.</span

Target has experienced flat or declining comparable sales in nine out of the past 11 quarters, with store-originated comparable sales declining 3.2% in the latest quarter while digital sales grew 4.3%.

The retailer faced consumer boycotts after scaling back diversity, equity and inclusion initiatives in January 2025, with more than 250,000 people signing a pledge to boycott Target following calls from civil rights activists.</span

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The retailer faced consumer boycotts after scaling back diversity, equity and inclusion initiatives in January 2025, with more than 250,000 people signing a pledge to boycott Target following calls from civil rights activists.

Target's stock price dropped more than 8% in early morning trading following the CEO announcement and earnings report, with shares down 23.20% since the start of 2025 excluding Wednesday's premarket decline.</span

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Target's stock price dropped more than 8% in early morning trading following the CEO announcement and earnings report, with shares down 23.20% since the start of 2025 excluding Wednesday's premarket decline.

Michael Fiddelke, a 20-year Target veteran who started as an intern, has overseen efforts delivering more than $2 billion in efficiencies and will focus on reclaiming merchandising authority, improving store conditions, and investing in technology.</span

Michael Fiddelke, a 20-year Target veteran who started as an intern, has overseen efforts delivering more than $2 billion in efficiencies and will focus on reclaiming merchandising authority, improving store conditions, and investing in technology.

This internal appointment reflects Target's failure to acknowledge the severity of its problems and need for fresh leadership. The company has lost its merchandising edge, alienated core customers through DEI policy reversals, and watched sales decline for three straight quarters while competitors like Walmart gained market share. Promoting from within perpetuates the same strategic thinking that created these challenges.

This internal appointment reflects Target's failure to acknowledge the severity of its problems and need for fresh leadership. The company has lost its merchandising edge, alienated core customers through DEI policy reversals, and watched sales decline for three straight quarters while competitors like Walmart gained market share. Promoting from within perpetuates the same strategic thinking that created these challenges.

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Target CEO Steps Down Amid Sales Decline and DEI Backlash

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Target's leadership change represents necessary evolution rather than crisis management. Fiddelke brings deep institutional knowledge and proven track record of operational excellence, having delivered billions in efficiencies while modernizing supply chains and digital capabilities. His insider perspective provides continuity during challenging market conditions, and the company showed encouraging signs of recovery with improved traffic trends and strong digital growth exceeding 4%.

Target's leadership change represents necessary evolution rather than crisis management. Fiddelke brings deep institutional knowledge and proven track record of operational excellence, having delivered billions in efficiencies while modernizing supply chains and digital capabilities. His insider perspective provides continuity during challenging market conditions, and the company showed encouraging signs of recovery with improved traffic trends and strong digital growth exceeding 4%.

Target CEO Steps Down Amid Sales Decline and DEI Backlash

Target CEO Steps Down Amid Sales Decline and DEI Backlash

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Target CEO Steps Down Amid Sales Decline and DEI Backlash

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