Musical chairs or smart moves? Target alums react to C-suite changes

In today’s newsletter: Michael Fiddelke, Rick Gomez, Jill Sando, Cara Sylvester, Lisa Roath, Dan and Robin Stoltz, Jennifer Clemens, Tiffany Xiong, Christophe Beck, Marc Benioff, Aaron Keller, Scott Burns, Michele Henry and Sharon Smith-Akinsanya

“It’s a game of musical chairs at this point. What they really need is to bring in some new blood,” one former Target exec said to me this week, on the news of Michael Fiddelke announcing C-suite changes in his second week as Target’s CEO. Chief commercial officer Rick Gomez and chief merchandising officer Jill Sando are out; two Target veterans are being promoted: Cara Sylvester is the new chief merchant and Lisa Roath is taking Fiddelke’s former role as chief operating officer.

“Two smart, strong-willed, intentional leaders who are also relatable and have Fiddelke’s ear,” another Target alum said in reaction to the news. “It’s the closest thing we get to a woman in the CEO role.”

Of course, it’s easy to judge anonymously from the sidelines, but still insightful, when talking to former executives who’ve worked directly with the newly elevated leaders. Reactions ranged from “smart moves” to “it’s just more rearranging deck chairs on the Titanic.”

An insider tells me Roath, like Fiddelke, has that “heir apparent” vibe about her, and stepping into the COO job will provide the needed training on the business side, since her prior position was chief merchandising officer of food, essentials and beauty.

New chief merchant Sylvester has her work cut out for her with Fiddelke prioritizing style and design.

Another former Target exec called the trio of Fiddelke, Sylvester and Roath a “very nice team,” which sounds just fine for a dinner party, but perhaps less optimal for a corporate turnaround. “These are not hard pushing leaders,” the source added.

Blaze Credit Union CEO Dan Stoltz and wife Robin Stoltz made a gift to their alma matter, the University of Northwestern-St. Paul, that the school described as the largest single philanthropic commitment in the institution’s 124-year history. The amount was not disclosed, but it was enough to earn them naming rights on the business school, which will now be called the Stoltz School of Business.

The Stoltz School just launched a nationwide search for its next business dean, so no decisions on how to prioritize the funds will be finalized until that leader is in place, senior marketing director Jennifer Clemens told me.

A non-denominational Christian university, Northwestern teaches servant leadership. The Stoltzes said their gift to Northwestern reflects a desire to invest in the “economic and spiritual flourishing of the Twin Cities and beyond.”

New public company: Forgent Power Solutions set a Minnesota record by raising $1.5 billion from its initial public stock offering on Feb. 5, my colleague Patrick Kennedy reports. (Can you name the previous record-holder? Hint: It went private, after numerous missteps, in 2024.) Forgent, formed just seven months ago, makes electrical distribution equipment to power data centers.

Relief efforts: Asian Americans/Pacific Islanders in Philanthropy (AAPIP) raised more than $23,000 in the first week of standing up a Twin Cities Rapid Response Fund for local families and small businesses impacted by the federal immigration enforcement operation in Minnesota. Organizations like AAPIP “are often the first point of contact in moments like this,” said Tiffany Xiong, Twin Cities chapter co-chair and philanthropic adviser. AAPIP’s 2025 Funding Snapshot showed only 13 cents of every $100 in philanthropic donations supports Asian causes and organizations. The Twin Cities is home to the nation’s largest urban Hmong population and Karen refugee community.

How to anger employees: Salesforce CEO Marc Benioff made jokes about ICE that did not land well with employees during a company event this week in Las Vegas, Business Insider reports. “It’s hard to believe this company still has values when you make completely off-base jokes about ICE in your opening keynote,” one employee of the San Francisco-based company wrote on Slack. Screenshots of the angry responses were shared with reporters — a reminder that there’s no such thing as strictly internal messaging.

North Star Network: Join Aaron Keller, Scott Burns, Michele Henry, Sharon Smith-Akinsanya and many other accomplished leaders for an afternoon of expert advice and meaningful connection at the Minnesota Star Tribune’s inaugural North Star Network event on Feb. 24. Our program is filled with practical, actionable tips on tech and wellness designed to be good for the soul, and for your work performance. And with the way this year has unfolded here in Minnesota, we could all use a couple of hours of self-care. Get registered — space is limited.