Target's Next CEO Rises from Intern to Take Top Spot After 22 Years

Michael Fiddelke, Target's current COO, will become the company's next CEO on February 1, 2026. He started as a finance intern at Target 22 years ago and has risen through the ranks. Fiddelke's appointment comes as Target faces a sales decline and customer dissatisfaction. He plans to focus on growth and make bold choices to improve the company's performance. Fiddelke is one of a few CEOs who started their careers as interns at their respective companies.

Minneapolis, July 2, 2025 — Target Corporation (NYSE: TGT) has announced that Michael Fiddelke, the company's current Chief Operating Officer, will succeed Brian Cornell as CEO effective February 1, 2026. Fiddelke, a 22-year veteran of Target, started his career as a finance intern and has held various leadership positions across merchandising, finance, operations, and human resources [1].

The appointment comes as Target faces a sales decline and customer dissatisfaction. Under Cornell's leadership, Target grew from a $105.88 billion revenue company, increasing revenues by $34 billion during his tenure. However, recent quarters have shown flat or declining comparable sales, with Target reporting a 21% drop in net income in the quarter ended August 2 [2].

Fiddelke has overseen significant investments in stores, supply chain, and digital capabilities, delivering over $2 billion in efficiencies. He will now take on the challenge of reclaiming Target's merchandising authority, improving the shopping experience, and investing in technology at the company's stores and supply network [2].

Fiddelke's appointment follows an extensive CEO succession process involving both internal and external candidates. The appointment is seen as a strategic move to address the company's recent performance issues. Analysts have mixed feelings about the appointment, with some expressing optimism about Fiddelke's potential to drive change while others remain cautious about the company's ability to turn around its current challenges [2].

Fiddelke's appointment comes at a critical time for Target, as it faces increased competition and changing consumer preferences. The company's partnership with Ulta Beauty is set to end in August 2026, and Target's sales have languished as customers defect to rivals like Walmart and off-price department stores [2].

Despite the challenges, Target's stock has shown resilience, with analysts revising earnings estimates upward for the upcoming period. The company maintains a GOOD overall financial health score, suggesting strong fundamentals for the incoming CEO [1].

In other news, Target's upcoming earnings report has drawn attention, with Evercore ISI reiterating an In Line rating and a price target of $108. Meanwhile, TD Cowen has lowered its price target for Target to $100, citing a weak second-quarter outlook [1].

References:
[1] https://www.investing.com/news/company-news/target-coo-michael-fiddelke-to-succeed-brian-cornell-as-ceo-93CH-4201753
[2] https://www.wdtv.com/2025/08/20/target-ceo-step-down-february-sales-plunge/