In the latter half of 2022, even as a spike in prices spurred a consumer exodus toward essentials, shares of big-box chains Walmart Inc. and Target Corp. were both moving along a similar path.

Pastor Jamal Bryant is leading a boycott against Target, affecting sales and pushing for DEI progress as the CEO steps down.

Target Corp. has named company Chief Operating Officer Michael Fiddelke to succeed Brian Cornell as chief executive officer effective February 1, 2026. The announcement came following a unanimous Board of Directors vote. Fiddelke will also join Target’s Board of Directors at that time.

S hares of Target Corp. slumped 9.4% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since January 2024. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

Results over the last few years have fallen short of our expectations and our potential,” current CEO Brian Cornell says.

Target announced Wednesday that its CEO, Brian Cornell, will be stepping down from his role early next year. The news comes months after the retail giant became the target of a metro Atlanta-based boycott stemming from the chain’s retreat from some of its diversity,

Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.

Roth Capital Markets analyst Bill Kirk maintained his “Neutral” rating and $90.00 target price on Target Corporation

Michael Fiddelke has spent virtually his entire career at Target.