Target Corporation has announced that Michael Fiddelke, current chief operating officer, will succeed Brian Cornell as chief executive officer and join the company's Board of Directors. Brian Cornell will transition to the role of executive chair of the Board. Both appointments will take effect on 1 February 2026.
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Fiddelke has spent more than 20 years at Target, holding leadership positions across merchandising, finance, operations and human resources. As COO and previously CFO, he oversaw initiatives that drove significant business growth, including scaling stores, supply chain operations, digital capabilities, and team development. He has also led efforts delivering more than $2 billion in efficiencies and has been a strong advocate for investing in team pay and development programmes such as Dream to Be.
Recently, Fiddelke established and began leading the company's Enterprise Acceleration Office, aimed at removing complexity, expanding technology, and enabling greater operational flexibility to improve performance and drive long-term growth.
Christine Leahy, lead independent director of Target's Board, said: '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. 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.'
Leahy added: 'On behalf of the Board of Directors, I want to express gratitude for Brian's vision, leadership and dedication to Target. 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.'
Fiddelke said: 'It is truly an honor to be named Target's next chief executive officer. After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail. My history with the company also deepens my sense of responsibility for where Target goes next, and I step into the role with an urgent commitment to drive growth and deliver better results. I am eager to refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience. And to be clear, we have work to do to reach our full potential. Now's the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum.'
He continued: 'I want to thank Brian for his leadership and for ensuring Target has an excellent foundation, consisting of nearly 2,000 stores, a $30 billion owned-brand portfolio and world-class partnerships, a fast-growing profitable digital business and one of retail's biggest loyalty programs, all powered by an experienced leadership team and hundreds of thousands of talented team members. That combination of strengths is truly unique to Target and will fuel our future.'
Brian Cornell added: 'There is no one better suited to move Target forward than Michael Fiddelke. He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth, and a natural ability to inspire those around him to define what's next. Those leadership attributes will be critical in shaping the next generation of Target. I want to thank the entire team at Target for their unwavering focus on our guests and on advancing our culture. It has been a privilege to lead this team over the last 11 years, and I will continue to support and champion Target in my role on the Board.'
Fiddelke and Cornell will work together during the transition period, with Fiddelke joining the Board and Cornell assuming the executive chair role on 1 February 2026. An announcement regarding Target's next COO will follow at a later date.
More information:
TARGET
www.corporate.target.com
