Target Corporation shares plunge 11% after CEO Brian Cornell steps down. Michael Fiddelke to take charge from Feb 1, 2026

Time of India

4 hours ago

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Shares of Nasdaq listed Target Corporation plunged 11% in opening trade hitting a low of $94.15 after the company said that its board has unanimously elected Chief Operating Officer Michael Fiddelke to succeed Brian Cornell as Chief Executive Officer and become a member of its Board of Directors. Both appointments are effective February 1, 2026.Cornell's decision to step down comes as the Minneapolis-based chain grapples with weak sales, disorganized and understocked stores, and waning customer loyalty in the post-pandemic market, according to a report.Cornell will transition to the role of executive chair of the board of directors, the company filing to the exchange said.The sell-off was accompanied with sharp volume where over 40 lakh shares changed hands.Fiddelke has had a 20-year career at Target and has been responsible for building many of the company's core strengths. He held 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," the company filing said.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," he added.Commenting on his appointment, Fiddelke said, "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.".US markets were trading mixed, with Dow 30 trading at 45,003 around 9:57 AM ET (8 pm IST), up 80.75 points or 0.18% while S&P 500 was hovering at 6,402.25, down 9.12 points or 0.14%. Meanwhile the Nasdaq Composite was down 102.76 points or 0.48% at 21,212.20.