Target Corporation (NYSE: TGT), the Minneapolis-headquartered retailer with more than 2,000 stores, announced that CEO Brian Cornell will transition to executive chairman of the board of directors while Chief Operating Officer Michael Fiddelke will take on the CEO role, effective Feb. 1, 2026. Fiddelke will also join the board of directors.
Cornell became CEO in 2014, the first chief executive to come into the leadership role from outside of the company. Cornell was previously CEO of PepsiCo Americas Foods division, and earlier in his career he president and CEO of Wal-Mart Stores’ Sam’s Club.
Fiddelke has been with Target since 2003, when he joined the company as an intern. He was previously chief financial officer, and the company’s biography on Fiddelke credits him with overseeing “investments to build and scale the company’s stores, supply chain, digital capabilities and team, which enabled exponential growth across the business.”
“On behalf of the board of directors, I want to express gratitude for Brian’s vision, leadership and dedication to Target,” said Christine Leahy, lead independent director of Target’s board of directors. “Under Brian, Target has become a $100-plus 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.”
