A retail behemoth is prepping for a new top boss.
Target announced that its longtime CEO, Brian Cornell, is stepping down from his position.
He led the retailer for 11 years. His final day will be January 31, 2026.
Cornell’s decision to step down was widely anticipated among retail analysts, who had been debating whether the company would tap an insider or bring in a fresh face as its successor.
Target decided to promote from within its ranks, dubbing Michael Fiddelke, the current chief operating officer, as its next boss.
Wall Street is clearly disappointed, with Target’s stock losing more than ten percent in pre-market trading.
Analysts are also stunned.
‘To be perfectly blunt, leaders at Target have not been leading,’ Neil Saunders, a retail expert at GlobalData, told the Daily Mail.
Target shoppers have seen increasingly messy stores, experts told Daily Mail – and that is showing up in the retailer’s national sales data
‘In our view, there needs to be a significant change in the boardroom to restore confidence and get Target back on track.’
Target has struggled this year. Income dropped 21 percent last quarter, locations are serving fewer customers, stores are messy, and the company has found itself in the middle of major culture wars.
In May, insiders openly expressed concerns about the company’s future on social media.
And those concerns are showing in the retail data: total sales are down 0.9 percent, including a 3.2 percent decline in brick-and-mortar purchases. Profits shrank 1.2 percent.
‘Today’s numbers from Target bear all the hallmarks of a retailer not living up to its potential,’ Saunders added.
‘This decline is entirely self-inflicted. Target, which used to be very attuned to consumer demand, has lost its grip on delivering for the American shopper.’
Still, the company’s mix-up at the top is