Target Corp. said its board unanimously elected Chief Operating Officer Michael Fiddelke to succeed longtime chief executive Brian Cornell on Feb. 1 2026. Cornell, who has led the Minneapolis-based retailer since 2014, will move to the role of executive chair. Fiddelke, 49, joined Target as an intern in 2003 and has held finance and operations posts, most recently running an “enterprise acceleration” office aimed at speeding decisions across the company. The leadership change was announced alongside fiscal second-quarter results. Net sales slipped 0.9 % from a year earlier to $25.21 billion, while comparable-store sales fell 1.9 %. Adjusted earnings per share came in at $2.05, topping analysts’ estimates by about two cents, but the company kept a cautious full-year outlook that still calls for a single-digit sales decline. Investors focused on the continued sales weakness and the decision to stay internal for the top job. Target shares dropped roughly 10 % in early trading, the steepest intraday fall since April 2024, erasing gains that followed a modest earnings beat. Fiddelke told analysts his first priorities will be restoring Target’s merchandising edge, ensuring cleaner and better-stocked stores, and accelerating technology investments. The incoming chief takes the helm after eight of the past 10 quarters have produced flat or declining comparable sales and as the chain battles stiffer competition from Walmart, Amazon and off-price retailers, as well as consumer pushback over recent strategy shifts.