New Target CEO’s era officially begins

Target officially has a new CEO.

Michael Fiddelke, who was named to the role in August, took over Sunday, Feb. 1, as Target Corp.’s fourth-ever chief executive. He succeeds longtime CEO Brian Cornell amid shaky financial performance and unrest in the company’s hometown.

Already, Fiddelke has been leading many of the company’s turnaround efforts.

During a November earnings call, Fiddelke revealed elements of his strategy, including an additional $1 billion investment to remodel stores, refresh merchandise and expand technology.

Fiddelke, who previously served as Target’s chief operating officer, said rebuilding Target’s cachet in style and design is among his top priorities. He is also focused on improving the in-store shopping experience and advancing the company’s use of artificial intelligence.

He’s expected to share more details of his vision in March at Target’s 2026 Financial Community Meeting, which will be held in Minneapolis rather than New York.

“In the weeks ahead, my focus is simple: listen closely, move with clarity and urgency, and lead with purpose,” Fiddelke said in a letter marking his first day.

Yet Walmart continues to gain ground with Target’s core customers, and some analysts say Target’s slump reflects deeper issues with the retailer’s product assortment and in-store presentation.

Target recently announced the addition of two retail veterans to its board of directors: John Hoke III, formerly Nike’s chief innovation officer, and Steve Bratspies, the former CEO of Hanesbrands and a longtime Walmart executive.

“[The board appointments] send a really good message that Target is starting to perhaps change and evolve and wants to do better on the retail front where it really matters,” said Neil Saunders, managing director at GlobalData Retail.

In October, Target announced the elimination 1,800 corporate positions in a move intended to help it “move faster and simplify” operations.

The retailer has also developed AI-driven shopping partnerships with OpenAI and Google, and is making changes to its beauty department, including its layout and displays. Target’s shop-in-shop partnership with Ulta ends in August.

Days before Fiddelke took over, he joined Minnesota business leaders in signing a letter calling for an “immediate de-escalation” of violence after the fatal shooting of Alex Pretti by federal agents. The letter released through the Minnesota Chamber of Commerce drew mixed reactions.

In an internal video message shared Jan. 26, Fiddelke said: “Right now, as someone who is raising a family here in the Twin Cities and as a leader of this hometown company, I want to acknowledge where we are. The violence and loss of life in our community is incredibly painful.”

The statements followed an appeal from hundreds of Target employees, who sent a message to company executives condemning the retailer’s response to the ongoing immigration operation.

The retailer also continues to face backlash over its decision to scale back diversity, equity and inclusion initiatives in January 2025.

Target recently fell off Fortune magazine’s World’s Most Admired Companies All-Star list for the first time since 2001. The company ranked No. 27 in 2025 but dropped out of the top 50 in 2026.