Is Target in trouble? TGT stock falls after CEO Brian Cornell steps down amid sales struggles, COO Michael Fiddelke takes charge
:
Target's CEO Brian Cornel
l will be stepping down from his position on February 1 next year as the Minneapolis-based chain struggles with low sales, messy and understocked stores, and eroding customer loyalty in a post-pandemic marketplace, as per a report.
Target COO Michael Fiddelke Tapped as New CEO
The 66-year-old Cornell will be replaced by
Chief Operating Officer Michael Fiddelke
, a 20-year company veteran who has helped drive some of Target's most significant operational decisions, including overhauling its supply chain and building out digital services while cutting costs, as per an AP report.
The firm had announced in May that Fiddelke would lead a new office focused on faster decision-making to help accelerate sales growth, as reported by AP. Meanwhile, Brian will transition to the role of executive chair of the Board of Directors, as per Target's website.
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Michael Fiddelke Plans Rapid Changes to Revive Target's Retail Edge
Fiddelke said that he will be stepping into the role with urgency, with three priorities, which include reclaiming the company's merchandising authority, improving the shopping experience by making sure shelves are consistently stocked and stores are clean, and investing in technology at the company's stores and in its supply network, as reported by AP.
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He said, 'When we're leading with swagger in our merchandising authority, when we have swagger in our marketing, and we're setting the trend for retail, those are some of the moments I think that Target has been at its highest in my 20 years,' as quoted in the report.
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Target's Weak Quarterly Results Spark Market Reaction
Target also reported another quarter of sluggish results on Wednesday, with a 21% decline in net income in the quarter ended August 2, according to the AP report. Even the firm's sales were down, with a 1.9% dip in comparable sales from established physical stores and online channels, as per the report.
The shares of Target have fallen about 60% from its all-time high in late 2021, as per the report. While Target stocks fell about 10% in premarket trading following the results and CEO announcement, reported CNBC.
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Store Traffic and Customer Loyalty on the Decline
According to CNBC, Target's yearly sales have been almost stagnant for the past four years, and its inconsistent performance has tested the loyalty of shoppers and also shaken the confidence of Wall Street. Analytics firm Placer.ai found that the store traffic at the retailer has dropped nearly every week since late January, as reported by CNBC.
Target Reiterates Lowered Full-Year Forecast
The retailer also reiterated its full-year forecast, which it had cut in May, as per the report. Target also said that it expects a low single-digit percentage decline in sales and adjusted earnings per share, excluding gains from litigation settlements, to be about $7 to $9, as reported by CNBC.
FAQs
Why is
Brian Cornell
stepping down now?
Cornell is stepping down amid falling sales, operational issues, and waning customer loyalty. He's transitioning to the role of executive chair.
Who is replacing Brian Cornell?
Target's COO
Michael Fiddelke
will step in as CEO on February 1, 2026.
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