Target names insider Michael Fiddelke new CEO, succeeding Brian Cornell who led retailer since 2014

Brian Sozzi · Executive Editor

Updated Wed, August 20, 2025 at 8:31 AM EDT

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.

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https://finance.yahoo.com/news/target-names-insider-michael-fiddelke-new-ceo-succeeding-brian-cornell-who-led-retailer-since-2014-103001266.html