Brian Cornell Steps Down After More Than a Decade
Whew! Socialites, come get into this. Things continue to look shaky for Target as CEO Brian Cornell announced he will be stepping down.
Cornell has held that role for over a decade, but he will “transition to the role of executive chair of the Board of Directors” starting February 1, 2026. The announcement comes as the company faces slumping sales and backlash over its retreat on DEI initiatives.
So how do they plan to fix things? Well, the retailer said its Board of Directors unanimously picked COO Michael Fiddelke, a 20-year veteran at Target, as Cornell’s successor to help pick things back up.
Board’s Succession Plan and New Leadership
“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 in a press release.
“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. Michael’s tenure gives him unmatched enterprise insight and a base of strong team trust. But what sets him apart is how he combines those strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value.”
REALTED:Target Faces Foot Traffic Decline for the Eighth Week After Cutting Off DEI Programs
Sales Decline Continues to Hit Target Hard
On top of this news, Target also reported sales fell this Wednesday for the third straight quarter. Shares dropped 10% in premarket trading. Target’s (TGT) stock is among the worst-performing companies in the S&P 500 this year.
While Target’s sales have been shaky over the years, reports show it’s been a major decline recently. Many noticed the downward spiral after the company scrapped its DEI programs to align with Trump’s administration.
Target’s DEI Controversy and Backlash
As we previously reported, once Trump took the oath of office on Jan. 20, he began issuing executive orders to dismantle programs, put pressure on federal contractors to end “illegal DEI discrimination,” and direct federal agencies to draw up lists of private companies that could be investigated for their DEI policies.
Major companies including Target quickly scrapped their programs. But ever since then, they’ve faced massive backlash, with many boycotting and refusing to shop at the once-loved retail store.
Clearly, folks are standing on business when it comes to not shopping at Target. But the real question is: can the retail giant make things right?
What’s Next for Target?
With Brian Cornell stepping down and Michael Fiddelke stepping in, the company is at a major crossroads. Can this leadership shift bring Target back to growth? Or has the damage already been done?
The pressure is on Fiddelke to rebuild consumer trust, reestablish Target’s reputation, and prove that the company can thrive again in a fast-moving retail market.
While we wait and see, let us know your thoughts in the comments box below!