Target has chosen long-serving executive Michael Fiddelke to guide the retailer through its next phase, naming him chief executive officer with effect from 1 February 2026.

He will step up from his current role as chief operating officer, while Brian Cornell, who has led the company for 11 years, will become executive chair.

Announcing the decision, lead independent director Christine Leahy said the board had conducted “an extensive external search” before deciding that Fiddelke was “the right leader to return Target to growth, refocus and accelerate the company’s strategy, and re-establish Target’s position as a leader in the highly dynamic and fast-moving retail environment”.

Fiddelke, who started his career at the retailer as an intern two decades ago, pledged to move swiftly. “I step into the role with an urgent commitment to drive growth and deliver better results,” he said, promising to regain merchandising “swagger”, enhance the in-store experience and deploy technology to improve speed and efficiency.

Under Cornell, Target expanded same-day fulfilment services and invested heavily in private-label ranges, helping annual revenue climb by US$34 billion. Paying tribute to his successor, Cornell called Fiddelke “a natural ability to inspire those around him to define what’s next” and said he brings “a remarkable level of resolve in the face of complex challenges”.

Fiddelke has already overseen a US$2 billion efficiency drive and established an enterprise acceleration office charged with simplifying operations and removing internal silos. The company operates nearly 2 000 US stores and, despite recent sales pressure, remains a US$100 billion business.

Second-quarter results published alongside the succession news showed comparable sales fell 1.9 per cent and net income dropped 21 per cent as inflation and tariffs squeezed shoppers’ discretionary spending. Still, Cornell highlighted “encouraging signs of recovery, including improved traffic and sales trends” heading into the critical back-to-school period.

Investors reacted cautiously, sending Target shares down almost eight per cent in early trading. While some market watchers had advocated an external appointment, the board emphasised Fiddelke’s deep knowledge of the company and “fresh eyes” approach after two years leading operational change.

Cornell and Fiddelke will work together over the next 17 months to ensure a smooth handover. A decision on who will replace Fiddelke as chief operating officer is expected closer to the transition date.

Target reiterated its purpose of “helping all families discover the joy of everyday life” and said the leadership change would not alter its commitment to community investment, employee development or expansion of digital services.

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