Major retailer’s CEO resigns amid falling sales, DEI pullback

Target announced Wednesday that CEO Brian Cornell is stepping down after serving 11 years in the role, following a decline in sales in 2025.

The major retailer’s board of directors tapped Target COO Michael Fiddelke as Cornell’s successor, effective Feb. 1, 2026, according to a press release. The announcement comes after Target has been facing a dip in shares and stagnant annual sales over the past four years, CNBC reported on July 15.

“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,” Christine Leahy, lead independent director of Target’s board of directors, said in a statement. “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.”

In January, Target announced that it was rolling back its diversity, equity, and inclusion (DEI) initiatives, which sparked backlash and boycotts. Many major companies nationwide have been scaling back their DEI policies following President Donald Trump’s crackdown on such programs.

Target has drawn criticism in recent years for promoting LGBTQ merchandise. The company lost $10 billion in market valuation over the course of 10 days amid intense backlash over its “pride” clothing collections for children, the New York Post reported on May 28, 2023.

Cornell will now move to the role of executive chair of Target’s board of directors beginning on Feb. 1, 2026, according to the company’s announcement. Fiddelke said in a statement that he is stepping into the role of Target’s next CEO “with an urgent commitment to drive growth and deliver better results.”

“After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail,” Fiddelke said. “My history with the company also deepens my sense of responsibility for where Target goes next, and 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,” Fiddelke added, going on to thank Cornell “for his leadership and for ensuring Target has an excellent foundation.”

When reached for comment, Target referred the Daily Caller News Foundation to its press release.

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