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.

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The news the retail industry has been anticipating for months was finally announced on Wednesday: Target CEO Brian Cornell is finally stepping down after 11 years at the helm and will be replaced by his operations chief Michael Fiddelke in February.

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Target shares are down 10% on Wednesday morning after the company reported Q2 results and operational updates. The stock had been climbing recently as investors anticipated confirmation of a long-term turnaround. Instead, the report sent shares below the critical $100 level and the stock’s 50-day moving average.

Target stock fell Wednesday after it reported another lackluster set of results and named a company lifer as its next chief executive. (Mario Tama/Getty Images) Several big U.S. retailers are reporting earnings this week, offering a glimpse into the ...

Target named insider Michael Fiddelke on Wednesday as its new CEO to succeed long-time top boss Brian Cornell, and beat quarterly estimates, helped by a recovery in traffic at its stores and average receipts.

Target stock plunges 10% as the company names new CEO, forecast repeated, and investors doubt retail turnaround.