Target CEO Brian Cornell is stepping down after 11 years, as the retailer struggles with slumping sales and backlash over its retreat from diversity, equity, and inclusion (DEI) programs, CNN reported.
Cornell will be replaced in February 2026 by Chief Operating Officer Michael Fiddelke, a 20-year company veteran.
The decision comes as Target faces its third straight quarterly sales decline and a 10% stock drop, making it one of the worst performers in the S&P 500 this year.
Target's CEO is stepping down after 11 years at the retailer, as sales continue to plunge.https://t.co/gOrWf9ap8B
— CNN (@CNN) August 20, 2025
Analysts criticized the board’s choice of an insider, warning the company remains plagued by “groupthink,” according to GlobalData Retail.
Cornell, once credited with revitalizing Target, leaves behind a legacy overshadowed by post-pandemic inventory missteps, inflation pressures, and controversies over Pride merchandise and DEI rollbacks.
Fiddelke pledged improvements, unveiling initiatives to revive stores and merchandise, but skeptics argue Target’s long-term outlook continues to deteriorate.
