The retailer’s board believes a company veteran can promote much needed change. Now, Michael Fiddelke has to prove himself to others.

Target CEO Brian Cornell will step down in 2026, handing leadership to COO Michael Fiddelke as the retailer grapples with boycotts, tariffs, and falling sales.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Michael Fiddelke, the company’s chief operating officer, will take over as chief executive in February as Brian Cornell transitions to executive chair. The announcement comes at a time Target is trying to emerge from multiple quarters of sales declines.

Incoming Target CEO Michael Fiddelke has been leading the retailer's acceleration effort to combat falling sales. He laid out plans to restore growth.

Target (TGT) stock is sinking after the company announced that COO Michael Fiddelke will succeed current CEO Brian Cornell. Mizuho Americas director and senior analyst David Bellinger and Roth Capital Partners senior research analyst Bill Kirk join Market Catalysts to discuss what investors want to see out of Target and to explain why the market is worried the incoming CEO isn't up to the challenge.

Chief Operating Officer Michael Fiddelke, who will take the top job in February, said the retailer needs to revive its focus on stylish merchandise.