Target names new CEO
MINNEAPOLIS — Target this morning named its chief operating officer Michael Fiddelke as its new CEO. Fiddelke succeeds Brian Cornell, who will transition to executive chair of the board of directors. Both positions are effective Feb. 1, 2026.
“Over the last several years, the Board has been executing a deliberate and thoughtful CEO succession process, including an extensive external search and assessment of many strong candidates,” said Christine Leahy, lead independent director of Target’s board of directors.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment.”
During his 20-year career at Target, Fiddelke held leadership roles across merchandising, finance, operations and human resources. In his role as chief operating officer, and previously chief financial officer, Target said Fiddelke oversaw exponential growth across the business, including investments to build and scale the company’s stores, supply chain, digital capabilities and team.
Recently, Fiddelke established and began leading the company’s Enterprise Acceleration Office to reshape how Target operates to improve performance and drive long-term growth.
Cornell, who has led Target for 11 years; the retail chain now operates 2,000 stores, a $30 billion owned-brand portfolio, “a fast-growing profitable digital business and one of retail’s biggest loyalty programs,” the organization said in a release.
“I want to express gratitude for Brian’s vision, leadership and dedication to Target,” Leahy said. “Under Brian, Target has become a $100+ billion company, with revenues increasing by $34 billion in 11 years. Target has been transformed into a true omnichannel retailer as Brian and the team pioneered the stores-as-hubs concept, developed industry-leading same-day services like Drive Up, grew digital performance and built private labels into desirable brands of their own. Together, those capabilities are a competitive strength that Michael and his talented executive leadership team will use to advance the company.”
