Good morning. There’s more executive turnover in the Fortune 500. Target CEO Brian Cornell is stepping down, and Michael Fiddelke, chief operating officer (COO), will become chief executive on Feb. 1, 2026. Cornell has led Target for 11 years.

Wednesday’s earnings call also brought news that longtime target chief executive officer Brian Cornell is leaving his post.

Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

The retailer’s board believes a company veteran can promote much needed change. Now, Michael Fiddelke has to prove himself to others.

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back