Fiddelke acknowledged many of these problems on Wednesday, saying Target was “urgently adjusting” to tariffs and changing consumer needs, embracing technology to automate manual work, and working to mend problems like slow decision-making, siloed internal goals, and a lack of access to quality data that would drive better inventory planning.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

The retailer’s board believes a company veteran can promote much needed change. Now, Michael Fiddelke has to prove himself to others.

Michael Fiddelke, the company’s chief operating officer, will take over as chief executive in February as Brian Cornell transitions to executive chair. The announcement comes at a time Target is trying to emerge from multiple quarters of sales declines.

Incoming Target CEO Michael Fiddelke has been leading the retailer's acceleration effort to combat falling sales. He laid out plans to restore growth.

Target (TGT) stock is sinking after the company announced that COO Michael Fiddelke will succeed current CEO Brian Cornell. Mizuho Americas director and senior analyst David Bellinger and Roth Capital Partners senior research analyst Bill Kirk join Market Catalysts to discuss what investors want to see out of Target and to explain why the market is worried the incoming CEO isn't up to the challenge.