Target Corp. said its board unanimously elected Chief Operating Officer Michael Fiddelke to succeed Brian Cornell as chief executive officer on Feb. 1, 2026. Cornell, 66, will move to the role of executive chair after an 11-year tenure that saw the Minneapolis-based retailer expand store-based fulfillment and private-label brands. Fiddelke, a 20-year company veteran who previously served as both chief financial officer and chief operating officer, has been charged with accelerating decision-making and improving operating efficiency. In a call with analysts he said his immediate priority is “getting us back to growth” by sharpening merchandising, improving store execution and investing in technology. The leadership change was announced alongside fiscal second-quarter results. Net sales rose to $25.2 billion, topping the $24.53 billion average analyst estimate, while comparable sales fell 1.9%, a narrower decline than expected. Net income dropped 21% to $1.3 billion and operating margin narrowed to about 5.2%. The company reaffirmed guidance for a low single-digit sales decline and adjusted earnings of $7 to $9 a share for the full year. Investors focused on the internal appointment and the continued sales slump. Target shares slid as much as 11% in New York trading, the steepest intraday fall since April 3, erasing early gains from the earnings beat. The chief financial officer said most one-time costs linked to U.S. tariffs are now behind the company, but management cautioned that consumer spending remains subdued.