Target's CEO Brian Cornell is stepping down after 11 straight quarters of sliding sales. The company's stock has dropped more than 25% since the start of the year. The company said customer backlash to its decision to roll back DEI programs this year has also hurt sales.

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

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.

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.

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.

After Target faced backlash for eliminating some of its DEI programs, the company is replacing its CEO as sales continue to lag. (Scripps News)

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back