Brian Cornell, the CEO of Target, will step down next year after a decade leading the retail company. The leadership change comes as Target has seen a decline in sales amid criticism from both the political right and left.
Cornell will be succeeded by Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years. He will step down from his role in February 2026
“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,” said Christine Leahy, lead independent director of Target’s Board of Directors.
Target saw sales drop 1 percent last quarter compared to the same time last year, according to a report by Fox Business. Additionally, profits for the company for the quarter dropped a substantial 19 percent.
Target has partly attributed its financial struggles to tariff proposals under the Trump administration, but political backlash has also played a role. Earlier this year, the company scaled back some of its diversity, equity, and inclusion initiatives, sparking boycotts from left-wing activists.
In May, Cornell said the sales decline was due to “ongoing pressure in our discretionary business, plus five consecutive months of declining consumer confidence, tariff uncertainty, and the reaction to the updates we shared on belonging in January.”
The company has also been the subject of boycotts in recent years over its LGBT Pride campaigns, including merchandise aimed at children, which drew criticism from conservatives.
