Target CEO Brian Cornell, who has served as the company’s chief executive for more than a decade, will leave his role at the beginning of 2026, according to CNN. Cornell will officially be succeeded on February 1, 2026, by Michael Fiddelke — the Minneapolis-based retailer’s current chief operating officer who began his career at Target as an intern two decades ago.

Cornell said the board considered both internal and external candidates before selecting Fiddelke, calling him “the right leader to guide Target back to growth.” Cornell said in a statement on Wednesday: “With the board’s unanimous decision to appoint Michael Fiddelke as Target’s next CEO, I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth. Michael brings a deep understanding of our business and a genuine commitment to accelerating our progress,” adding that he  will be staying on as executive chairman.

The transition comes at a turbulent time for Target, who has been losing ground to rivals like Walmart, Amazon, and Costco; and sales growth has weakened since the COVID-19 pandemic reshaped consumer habits. The retailer’s difficulties mirror broader challenges across the retail sector, as more shoppers gravitate toward online marketplaces and discount chains. Target, which operates 1,980 stores across the country, reported a 21% decline in net income for the quarter ending August 2, according to the Associated Press. Comparable sales have either fallen or remained flat in eight of the past ten quarters, underscoring ongoing struggles. Analysts point to value-driven competitors such as Walmart and TJ Maxx as additional pressure points on Target’s performance.

Cornell acknowledged a “challenging retail environment,” but he touted “encouraging signs of recovery, including improved traffic and sales trends.  As we enter the critical back-to-school and holiday seasons, our team remains focused on consistent execution and building momentum as we look ahead to the new year.”

Adding to the challenges, Target has faced consumer pushback this year after scaling back its diversity, equity, and inclusion (DEI) programs. The move drew criticism from multiple quarters, including Anne and Lucy Dayton, daughters of one of Target’s original co-founders, who called the decision “a betrayal.”

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