Target Corp. said Wednesday that Chief Operating Officer Michael Fiddelke will succeed long-time chief executive Brian Cornell on 1 Feb 2026, ending Cornell’s 11-year tenure at the helm of the $107 billion retailer. Cornell, 66, will shift to executive chair. The board’s unanimous decision elevates a 20-year company veteran who began as an intern and has recently overseen supply-chain revamps and a new ‘enterprise acceleration’ office aimed at speeding decision-making. Fiddelke, 49, told analysts he is taking the job “with urgency” and set three priorities: restoring Target’s merchandising edge, improving store conditions and using technology to simplify operations. Investors had widely expected the board to bring in an external candidate after several years of sliding sales and market-share losses to rivals such as Walmart and Costco. The succession plan was announced alongside fiscal second-quarter results that underscored the challenges facing the incoming chief. Net sales slipped 0.9% year-on-year to $25.21 billion, while comparable-store sales fell 1.9%. Adjusted earnings per share came in at $2.05 and operating margin narrowed to 5.2%, pressured by markdowns, canceled orders and weaker demand for discretionary goods. Target kept its full-year outlook but the internal promotion drew a cold reception on Wall Street. The shares dropped more than 10% in pre-market trading and were down roughly 6% by midday, extending a multiyear slide that has left the stock trailing peers. Analysts cited concerns that an insider may struggle to tackle entrenched issues ranging from tariff-related cost pressures to a backlash over the retailer’s retreat from diversity and inclusion initiatives.