Topline
Target CEO Brian Cornell will step down in February, the retailer announced Wednesday, as its latest earnings show a drop in sales for the third consecutive quarter amid backlash over its reversal of diversity, equity and inclusion policies.
In a press release, the company said Cornell will step down as CEO and “transition to the role of executive chair of the Board of Directors” starting February 1, 2026.
The retailer said its Board of Directors unanimously picked COO Michael Fiddelke, a 20-year veteran at Target, as Cornell’s successor.
The announcement was made alongside Target’s Q2 2025 earnings release, where the company reported a 0.9% drop in sales compared to the same three-month period last year.
After the announcement and earnings report, the company’s shares slid more than 10.5% to $94.2 in premarket trading Wednesday.
This is a developing story and will be updated.