Target Corp. is leading the S&P 500 index’s decliners after the discount retailer announced that Chief Executive Brian Cornell is stepping down next year, to be replaced by the company’s Chief Operating Officer Michael Fiddelke.

Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1. The board of directors chose Chief Operating Officer Michael Fiddelke, a 20-year Target veteran,

Target CEO Brian Cornell will step down from his role in February, with longtime employee Michael Fiddelke tapped to replace him. Cornell, who has led the Minneapolis retailer since 2014, will become the executive chair of Target's Board of Directors,