Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

Target has named Michael Fiddelke, its current chief operating officer, as its next CEO. Fiddelke will succeed Brian Cornell on Feb. 1. He will step into the role as the big-box retailer tries to win back both customers and investors after years of stagnant sales and steep market share losses.