Target Corporation (NYSE:TGT) announced second-quarter financial results as well as the appointment of a new chief executive officer.
What Happened: Chief Operating Officer Michael Fiddelke will replace current CEO Brian Cornell in February 2026.
Fiddelke is a long-time Target insider who has held various roles at Target and will bring some familiarity with many aspects of the retail business to the forefront.
While some companies look outside when hiring a new CEO, Target is making a strategic bet on one of its own and a person who has been with the retailer for 22 years, starting as an intern and climbing the executive ranks over the years.
A look at Fiddelke's LinkedIn shows the following job history at Target:
- 2003: Finance Intern
- 2004 to 2009: Analyst/Manager, Finance
- 2009 to 2011: Director, Business Intelligence, Store Operations
- 2011 to 2013: Senior Director, Strategic Pricing
- 2013 to July 2015: Vice President, Pay and Benefits
- Aug. 2015 to Feb. 2017: Senior Vice President, Financial Planning and Analysis
- March 2017 to Sept. 2018: SVP, Merchandising Capabilities
- Sept. 2018 to Oct. 2019: SVP, Operations
- Nov. 2019 to Sept. 2024: EVP and CFO
- Jan. 2024 to Present: EVP and COO
The list shows over a dozen job titles and responsibilities held by Fiddelke during his tenure at Target. Over the 22 years, Fiddelke has led various parts of the business, which may help in his new role as CEO.
"Michael is known for his ability to modernize the business and accelerate growth. He currently leads Target's nearly 2,000 stores, its global supply chain network, fulfillment services including same-day delivery with Shipt, enterprise services and properties," Fiddelke's LinkedIn reads.
Read Also: Target’s Q2 Struggles Highlight Amazon, Walmart Competition
What's Next: Target investors will be hoping that Fiddelke can help transform the retailer back to the days of growth and help improve the falling stock.
Fiddelke's LinkedIn shares his experience across Target's finance, merchandise, human resources, operations, supply chain and digital capabilities.
The incoming Target CEO shared his plans for growth in a LinkedIn post, stating he's "honored and excited" to be the next CEO of the retailer.
"Getting Target back to growth is my top priority. We'll need to operate differently, move with urgency and focus, and make bold choices to get there. We have the foundation to build new momentum, and I'm eager to accelerate work already underway and find new ways to deliver the incredible products and experiences our guests expect from us," Fiddelke said.
Fiddelke added that he was "excited for what's ahead" and proud to be taking the next step forward.
While there would be massive pressure on an incoming CEO to a retailer that has been struggling with sales and stock prices, the appointment of an insider with so many years at the company could see Fiddelke face extra pressure to turn the company around.
TGT Price Action: Target stock trades at $96.97 on Thursday, versus a 52-week trading range of $87.35 to $161.84. Target stock is down 29.5% year-to-date in 2025 and shares are down 37% over the last five years.
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