Target Announces CEO Replacement Amid Step Down And Continued Boycott

Brian Cornell, the current CEO of Target, is stepping down and will be replaced by its current chief operating officer, Michael Fiddelke, by February 2026.

As announced in a statement from the company on Wednesday (Aug. 20), the Board of Directors unanimously selected Fiddelke as the successor while Cornell will “transition to the role of executive chair of the Board of Directors.”

Fiddelke previously served as chief financial officer before stepping into his current role as COO. The Board believes he’s the “right leader to return Target to growth.”

Target CEO Brian Cornell

Neilson Barnard/Getty Images for Target

Of his new role, Fiddelke stated, “It is truly an honor to be named Target’s next chief executive officer […] I am eager to refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience. And to be clear, we have work to do to reach our full potential. Now’s the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum.”

The shift in power comes amid the continued boycott of the major retailer after it scaled back its diversity, equity and inclusion (DEI) initiatives. Sales at Target fell significantly over the first quarter of 2025. Target believes that people were spending less because of the tariffs and state of the economy.

MoveOn PAC commissions a billboard truck to circle Target Headquarters In Minneapolis on Pride Weekend, calling for the company to “Reinstate Pride Merch” in Minneapolis, Minnesota on June 28, 2024

Adam Bettcher/Getty Images for MoveOn PAC

Target was also under fire in 2024 for its reduced LGBTQ+ collection for Pride.

Fiddelke has acknowledged recent criticism of the retailer, per Bloomberg, and said, “There are no shortage of critics out there today. The way to prove those critics wrong is with action that leads to results.”