CEO Brian Cornell of Target Corporation Resigns After a Decade-Long Leadership
Target Corporation CEO Brian Cornell has announced his resignation effective from February 1, 2026, after steering the retail behemoth for 11 years through periods of significant growth and recent challenges. Chief Operating Officer Michael Fiddelke, a seasoned company veteran with 20 years of service, is set to take over the CEO role as Cornell transitions to the position of executive chairman.
The announcement of Cornell’s departure comes at a time when Target is grappling with a multitude of pressures including declining sales, customer boycotts triggered by changes in DEI policy, and intensifying competition. The company’s second-quarter report revealed a 1.9% dip in comparable sales, with share prices plummeting from $145 to $93 over the past year. This drop signifies a staggering $12 billion loss in market value.
In the early years of Cornell’s tenure, he was lauded for metamorphosing Target into a retail powerhouse, a feat that earned him the title of CNN Business CEO of the Year in 2019. However, recent issues with inventory management, customer retention, and political backlash have cast a shadow over these earlier triumphs. Fiddelke is now faced with the daunting task of rejuvenating the brand’s reputation for offering stylish, affordable merchandise and rectifying operational inefficiencies.
Source: CNN Business