The news the retail industry has been anticipating for months was finally announced on Wednesday: Target CEO Brian Cornell is finally stepping down after 11 years at the helm and will be replaced by his operations chief Michael Fiddelke in February.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

Target shares dropped as more details emerge about the retailer's profits. This comes as Walmart and The Home Depot prepare to report their quarter earnings. Akin Oyedele, a deputy editor at Business Insider,

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

Target Corporation's stock dip is more about politics than performance. Explore the potential opportunity under new leadership. Click for more on TGT earnings.

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

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