Target CEO Brian Cornell is stepping down from his post.

According to AP News, Cornell took on the role of CEO in August 2014. He was tasked with remodeling stores and positioning its online business to rival Amazon, per CNN. Eight years later, the board extended his contract and removed a policy requiring chief executives to retire at 65 years old.

On Aug. 20, 2025, it was announced that Cornell, 66, will step down as CEO. Michael Fiddelke — who has been with the company for two decades, started as an intern and became COO — has been appointed to the role of CEO. He was selected from a “strong list of external and internal candidates” and was the “right candidate to lead our business back to growth,” analysts confirmed with CNN. Cornell will serve as Target’s executive chairman, and Fiddelke will officially lead as CEO starting Feb. 1, 2026, Yahoo Finance reports.

“I’ve had this conversation with the board for a number of years, and I’ve been in the role for 11 years. I’m going into my 12th now. I will actually turn 67 early next year, and I think it’s time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life,” Cornell told Yahoo Finance.

This transition is troubling for the retailer, which is facing declining sales. CNN mentions it has been struggling for several years, citing a decline in its home goods and clothing and competition from Walmart, Amazon and Costco.

Adding insult to injury, the company rescinded its three-year diversity, equity, and inclusion (DEI) efforts in January. This prompted a 40-day consumer boycott led by Rev. Jamal Bryant, which was later extended, despite the retailer stating it would uphold a $2 billion commitment to Black-owned businesses “through products, services, and Black media buys,” as AFROTECH™  previously reported.

“Not since the Montgomery Bus Boycott has Black America come together in such a unified vision, a unified focus, and a unified front,” Bryant said in a sermon, according to Fox 5 Atlanta.

Target’s sales have declined for the third consecutive quarter, its shares have dropped 10% in pre-market trading and its stock is among the lowest performers in the S&P 500 this year, reports CNN.

“This an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” Neil Saunders, an analyst at GlobalData Retail, told CNN. “Target, which used to be very attuned to consumer demand, has lost its grip on delivering for the American shopper.”

Fiddelke agreed that Target “must improve” and it is “not realizing our full potential right now,” per CNN.