Target names longtime insider Michael Fiddelke its next CEO as retailer tries to break sales and stock slump
Fiddelke, the company's 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1. Cornell, who took the helm of the cheap chic retailer in 2014, will transition to the role of executive chair on Target's board of directors.
The Minneapolis-based retailer made the announcement on the same day it reported fiscal second-quarter results. It topped Wall Street's quarterly sales and earnings expectations, but stuck by a full-year outlook that forecasts another annual sales decline.
Fiddelke steps into Target's top role as the discounter tries to find its footing and get back to growth. Target's annual sales have been roughly flat for the past four years after the company's sales soared during the Covid pandemic.
On a call with reporters, Fiddelke said he is "stepping in with urgency to rebuild momentum and return to profitable growth."
He laid out three priorities: Reestablishing Target's reputation as a retailer with stylish and unique items, providing a more consistent customer experience and using technology more effectively to operate an efficient business.
"We've built a solid foundation, and we're proud of the many ways that Target is unique in American retail," he said. "We also have real work in front of us."
Fiddelke is a 20-year Target veteran. During his decades with the company, he has held leadership roles across merchandising, finance, operations and human resources. He became Target's chief financial officer in late 2019 and stepped into the role of chief operating officer in early 2024.
In May, he was tapped to oversee a new effort, the Enterprise Acceleration Office, created to turn around Target's results.
Target cut its full-year outlook in May and reiterated that guidance on Wednesday, saying that it expects a low-single-digit percentage point decline in sales this fiscal year.
Target's performance has shaken Wall Street's confidence. Shares of the company have tumbled about 60% since their all-time high in 2021. Target's stock had dropped 22% in 2025 alone as of Tuesday's close.
Customers, former employees and suppliers told CNBC that the company's best-known traits of eye-catching merchandise, tidy stores and friendly employees have become weaker. The retailer also is facing stiffer competition from rivals including Walmart, contending with cost pressures because of tariffs and dealing with backlash to its reversal of key diversity, equity and inclusion policies.
And last week, Ulta Beauty and Target announced they are ending a deal that opened mini beauty shops in nearly a third of Target's stores. The partnership will end in August 2026.
Wall Street had favored an outsider for the CEO job, according to a June survey of 51 investors by Mizuho Securities, an equity research firm. About 96% of investors polled favored an external hire for Target's next CEO.
Christine Leahy, lead independent director of Target's board of directors, said in a news release that the board chose Fiddelke after "an extensive external search and assessment of many strong candidates" over several years.
"Michael's tenure gives him unmatched enterprise insight and a base of strong team trust," she said. "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."
On a call with reporters, Cornell and Fiddelke were asked what they would say to investors who had hoped for Target to hire an outsider who would bring fresh ideas.
Fiddelke answered the question.
"I understand this business," he said. "I understand what makes Target distinctly unique. And I've seen us at our best, and I've seen us when we're not at our best, and that informs my candid assessment today of where we have work to do as well."
"But I'll go back to some of what I started with: My number one goal is to get us back to growth."
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Best Stock to Buy Right Now: Target vs. Kohl's
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The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO. "I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters. Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat." To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat. If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO. But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working. I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street. Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history. The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO. "I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters. Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat." To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat. If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO. But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working. I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street. US tech stocks hit by concerns over future of AI boom Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports: Read more here (premium) Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports: Read more here (premium) Premarket trending tickers: Estée Lauder, Micron and Toll Brothers Here's a look at some of the top stocks trending in premarket trading: Estée Lauder (EL) stock fell 8% before the bell on Wednesday after the beauty group forecast annual profit below Wall Street estimates, as it grapples with persistent weakness in the US and China markets and tariff uncertainty. Micron Technology, Inc. (MU) shares slipped 2% in premarket trading Wednesday following news that the US government is looking into taking equity stakes in computer chip manufacturers that received CHIPS Act funding to build factories in the US. Toll Brothers (TOL) stock fell 3% before the bell after beating Wall Street estimates for its third quarter earnings. A slowdown in new orders weighed on the stock, sending shares down. Here's a look at some of the top stocks trending in premarket trading: Estée Lauder (EL) stock fell 8% before the bell on Wednesday after the beauty group forecast annual profit below Wall Street estimates, as it grapples with persistent weakness in the US and China markets and tariff uncertainty. Micron Technology, Inc. (MU) shares slipped 2% in premarket trading Wednesday following news that the US government is looking into taking equity stakes in computer chip manufacturers that received CHIPS Act funding to build factories in the US. Toll Brothers (TOL) stock fell 3% before the bell after beating Wall Street estimates for its third quarter earnings. A slowdown in new orders weighed on the stock, sending shares down. US housing warning sparks worst James Hardie selloff since 1973 A profit warning from James Hardie (JHX, has fueled worries about recession in the US housing market and sent the Australian building materials giant's stock tumbling on Wall Street before the bell. Bloomberg reports: Read more here. A profit warning from James Hardie (JHX, has fueled worries about recession in the US housing market and sent the Australian building materials giant's stock tumbling on Wall Street before the bell. Bloomberg reports: Read more here. Gold maintains drop with Fed in focus Bloomberg reports: Read more here. Bloomberg reports: Read more here.
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- Business Wire
Burger King® Introduces the Latest 'Whopper® by You' With a Crispy Onion Twist on the Classic
MIAMI--(BUSINESS WIRE)--Following the BBQ Brisket Whopper – the first innovation in the newly launched 'Whopper by You' platform – Burger King is giving Guests an all-new take on the flame-grilled classic inspired by their cravings, and it's a bacon and onion lover's dream. With layers on layers of flavor, the Crispy Onion Whopper is the ultimate mix of sweet, savory and crunch that BK fans have been asking for. The Crispy Onion Whopper features more than ¼ lb.** of beef flame-grilled to perfection topped with crisp lettuce, juicy tomatoes, creamy mayo, melty American cheese, bacon and crunchy pickles with golden onion rings, crispy onions and a sweet & smoky BBQ sauce. For a smaller taste of crunchy, onion-y deliciousness, BK is also offering the latest Whopper innovation as a Whopper Jr. – similar to the BBQ Brisket Whopper. 'Burger King Guests have been loving the recently launched BBQ Brisket Whopper, so we're excited to bring another Guest-inspired creation to our menus,' said Joel Yashinsky, Chief Marketing Officer, Burger King US&C. 'Like the BBQ Brisket Whopper, the Crispy Onion Whopper is a result of listening to our Guests, and we can't wait to see what else they come up with that could make its way to BK restaurants in the future.' Guests can continue to share their next great Whopper innovations via the 'Whopper by You' platform by visiting With each qualifying submission, Guests can redeem one of several special Royal Perks rewards assigned at random, including $0.01 Whopper sandwich each week for a year, free hamburgers, cheeseburgers, or Whopper Jr. sandwiches with purchase, and more.*** To find your nearest Burger King restaurant or to learn more about the new BBQ Brisket Whopper and 'Whopper by You' platform, visit *Limited time at participating US restaurants, while supplies last. **Weight based on pre-cooked patty ***Royal Perks account registration required. Must be 18+. U.S. only. Terms apply. See ABOUT BURGER KING ® Founded in 1954, the Burger King ® brand is a global quick service hamburger chain known for food quality and value and as the only place guests can get the iconic flame-grilled Whopper ® sandwich. The Burger King system operates more than 19,000 locations in more than 120 countries and U.S. territories. Nearly all Burger King® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about the Burger King brand, please visit the official brand website at or the newsroom at and follow us on Facebook, Instagram, X and TikTok.
