Michael Fiddelke to lead Target as new CEO starting February 2026

Target Corporation has announced a major leadership change, with its board of directors unanimously electing Michael Fiddelke as the new chief executive officer. Fiddelke, who currently serves as chief operating officer, will also join the board of directors. Both appointments will be effective on February 1, 2026. Current CEO Brian Cornell will transition to the role of executive chair of the board.

Fiddelke has spent two decades at Target, holding key roles in merchandising, finance, and operations. As chief operating officer and former chief financial officer, he was instrumental in scaling the company's stores, supply chain, and digital capabilities, and also led efforts to achieve more than 2 billion dollars in efficiencies. He has also been a strong advocate for investing in employee pay and benefits. Most recently, Fiddelke began leading the company's Enterprise Acceleration Office to streamline operations and drive long-term growth.

Christine Leahy, lead independent director of Target's board, praised Fiddelke's "unmatched enterprise insight" and his "fresh eyes" mindset, stating that he is the right leader to "return Target to growth, refocus and accelerate the company's strategy." Leahy also expressed gratitude for Cornell's leadership, noting that under his tenure, Target grew into a 100+ billion dollars company and transformed into a true omnichannel retailer.

Fiddelke thanked Cornell for building an "excellent foundation" and expressed his own "urgent commitment to drive growth and deliver better results." He stated that the company has "work to do to reach our full potential" and that now is the time to "take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum."

Cornell, in turn, expressed his confidence in Fiddelke, calling him "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." Cornell and Fiddelke will work together during the transition period, and an announcement regarding the next chief operating officer will be made at a later date.