Target just promoted an insider to CEO, tasking him with turning the company around amid decreasing sales and foot traffic.

Target revealed on Wednesday that Michael Fiddelke, the company’s current Chief Operating Officer (COO), will be stepping into the role of Chief Executive Officer (CEO) in February 2026. Brian Cornell, who has served as CEO for 11 years, will retire that same month.

“There is no one better suited to move Target forward than Michael Fiddelke,” Cornell said in a press release. “He combines unprecedented determination when faced with complex challenges, a strong passion for growth, and an innate ability to inspire those around him to chart the future.”

As reported by Business Insider, Target has seen declines in comparable sales, referring to sales from both physical stores and digital platforms, in six of the last nine quarters. On Wednesday, Target announced that comparable sales dropped by 1.9% in the quarter ending July 31.

^{Target’s new CEO, Michael Fiddelke. Photo by Elizabeth Flores/The Minnesota Star Tribune via Getty Images}

Furthermore, foot traffic to Target stores has decreased, showing a 3.9% decline year-over-year as of June. Target’s stock has also fallen more than 28% this year, with its market valuation standing at about $44.6 billion at the time of this report.

Fiddelke’s tenure at Target began in 2003 as an intern, and he has remained with the company ever since, according to his biography on Target’s corporate site. As COO, he directed efforts to enhance and expand both physical locations and the digital presence of the company.

Fiddelke’s turnaround plan for Target

During Target’s quarterly earnings announcement on Wednesday, Fiddelke acknowledged the company is “not realizing our full potential right now” and expressed his commitment as incoming CEO to prioritize “profitable growth” and “create new momentum.”

On the call, Fiddelke outlined a three-part plan for Target to reclaim profitable growth.

First, he said that Target had to “reestablish” its merchandising presence through unique products in categories like apparel, home, and food and beverage. Fiddelke emphasized that the company had a $31 billion private label portfolio, stating that the portfolio of brands could be a way to bring newness to store shelves.

“We need to reclaim that merchandising authority,” Fiddelke said on the earnings call.

Second, Fiddelke wants customers to “find a sense of joy” every time they step into Target. He tasked the company with delivering “an elevated experience” with well-stocked shelves and clean stores.

“We have to do better here, especially in the consistency of our experience,” Fiddelke stated on the call.

Finally, Fiddelke said Target should tap into technology and AI to allow the team to move faster and accurately forecast sales, which will make its business and guest experience more efficient.

“Our performance over the last few years has not been acceptable,” Fiddelke said on the call, adding, “We have real work in front of us.”

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