CEO Brian Cornell to Depart from Target Amidst Sales Challenges
Target has announced that CEO Brian Cornell will be stepping down from his position on February 1, 2026. After leading the $107 billion retail giant for over a decade, this comes as a significant shift from Cornell’s earlier success in reviving the retailer, amidst recent years of sluggish sales and declining stock performance.
Set to succeed Cornell as CEO is Michael Fiddelke, Target’s current Chief Operating Officer and a 20-year company stalwart. This transition comes at a time when Target is grappling with several challenges, including consumer boycotts over its Pride collection, tariff-related cost pressures, and heightened competition from rivals such as Walmart.
Cornell, who assumed the CEO role in 2014 and was previously honored as CNN Business’ CEO of the Year in 2019, played a pivotal role in transforming Target into an omnichannel retailer. He introduced innovative services like Drive Up and same-day delivery. Despite these efforts, the company has reported declining same-store sales in recent quarters, leading to a nearly 8% drop in shares following the announcement.
Source: ABC News