Target CEO to step down amid slumping sales
Target CEO Brian Cornell is stepping down after 11 years at the helm, amid declining sales and criticism over the company’s rollback of DEI initiatives.
Cornell will be replaced on February 1, 2026, by Michael Fiddelke, Target’s current chief operating officer. Fiddelke has been at the company for 20 years, News.Az reports, citing CNN.
Cornell took over in 2014 and revitalized Target. He oversaw a strategy to remodel stores and strengthen the chain’s online business to compete with Amazon.
But Target has been in a deep slump for years, a result largely of its own strategic missteps. The company has also struggled as customers have purchased less of its home goods and clothing, and Target has faced intense competition from Walmart, Amazon and Costco.
Earlier this year, the company ended some of its DEI programs. The decision angered supporters of diversity and inclusion policies, who felt blindsided by Target. Customers online protested Target’s decision and Anne and Lucy Dayton, the daughters of one of Target’s co-founders, called the company’s actions “a betrayal.” Target acknowledged its move hurt its sales.
Target came under more pressure than other companies that rolled back DEI policies because Target had more deeply ingrained diversity and inclusion programs into the core of its business. Target also has a more progressive base of customers than many competitors.
Tariffs and a consumer slowdown have put even more pressure on Target.
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