MBN USA
August 20, 2025
Target names Michael Fiddelke next CEO
Target Corporation (NYSE: TGT) announced
the company's Board of Directors has unanimously elected Michael Fiddelke,
chief operating officer, to succeed Brian Cornell as chief executive
officer and become a member of its Board of Directors. Cornell will transition
to the role of executive chair of the Board of Directors. Both appointments are
effective Feb. 1, 2026.
During his 20-year career at Target, Fiddelke has been
instrumental in building many of the company's core strengths, holding
leadership roles across merchandising, finance, operations and human resources.
As chief operating officer, and previously chief financial officer, he has
overseen efforts that enabled exponential growth across the business, including
investments to build and scale the company's stores, supply chain, digital
capabilities and team. To further fuel areas of investment and innovation, Fiddelke
spearheaded enterprise efforts to deliver more than $2 billion in
efficiencies. He has also been an advocate for investing in pay and benefits
for the company's team members, including industry-leading wages and
development programs like Dream to Be.
Recently, Fiddelke established and began leading the
company's Enterprise Acceleration Office to reshape how Target operates –
removing complexity, expanding technology and enabling more flexibility so the
team can move faster to improve performance and drive long-term growth.
"Over the last several years, the Board has been
executing a deliberate and thoughtful CEO succession process, including an
extensive external search and assessment of many strong candidates,"
said Christine Leahy, lead independent director of Target's Board of
Directors. "It is clear that Michael is the right leader to return Target
to growth, refocus and accelerate the company's strategy, and reestablish
Target's position as a leader in the highly dynamic and fast-moving retail
environment. Michael's tenure gives him unmatched enterprise insight and a base
of strong team trust. But what sets him apart is how he combines those
strengths with a 'fresh eyes' mindset, challenging the status quo to evolve how
the business operates, differentiates and delivers long-term value."
Leahy continued, "On behalf of the Board of Directors,
I want to express gratitude for Brian's vision, leadership and dedication to
Target. Under Brian, Target has become a $100+ billion company, with revenues
increasing by $34 billion in 11 years. Target has been transformed
into a true omnichannel retailer as Brian and the team pioneered the
stores-as-hubs concept, developed industry-leading same-day services like Drive
Up, grew digital performance and built private labels into desirable brands of
their own. Together, those capabilities are a competitive strength that Michael
and his talented executive leadership team will use to advance the
company."
Fiddelke said, "It is truly an honor to be named
Target's next chief executive officer. After more than 20 years at Target, I
know the power of our brand, the talent of our team, and the special place we
hold in retail. My history with the company also deepens my sense of
responsibility for where Target goes next, and I step into the role with an
urgent commitment to drive growth and deliver better results. I am eager to
refocus our strategy and build on the assets and capabilities that have made Target
a beloved destination for incredible products and a one-of-a-kind shopping
experience. And to be clear, we have work to do to reach our full potential.
Now's the time to take full advantage of our strengths, embrace change with
pace and purpose, and regain our momentum."
Fiddelke continued, "I want to thank Brian for his
leadership and for ensuring Target has an excellent foundation, consisting of
nearly 2,000 stores, a $30 billion owned-brand portfolio and
world-class partnerships, a fast-growing profitable digital business and one of
retail's biggest loyalty programs, all powered by an experienced leadership
team and hundreds of thousands of talented team members. That combination of
strengths is truly unique to Target and will fuel our future."
Cornell said, "There is no one better suited to move
Target forward than Michael Fiddelke. He brings 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 to define what's next. Those
leadership attributes will be critical in shaping the next generation of
Target. I want to thank the entire team at Target for their unwavering focus on
our guests and on advancing our culture. It has been a privilege to lead this
team over the last 11 years, and I will continue to support and champion Target
in my role on the Board."
Cornell and Fiddelke will work together throughout the
transition, and on Feb. 1, 2026, Fiddelke will join the Board of Directors
with Cornell moving into the role of executive chair. An announcement about the
company's next chief operating officer will be made at a later date.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at
nearly 2,000 stores and at Target.com, with the purpose of helping all families
discover the joy of everyday life. Since 1946, Target has given 5% of its
profit to communities, which today equals millions of dollars a week.
Additional company information can be found by visiting the corporate website (corporate.target.com) and press center.
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