Fiddelke will take over as Target CEO as the big-box retailer tries to win back both customers and investors after roughly four years of stagnant sales.
Target on Wednesday said that company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street’s favor.
Fiddelke, the company’s 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1. Cornell, who took the helm of the cheap chic retailer in 2014, will transition to the role of executive chair on Target’s board of directors.
The Minneapolis-based retailer made the announcement on the same day it reported fiscal second-quarter results. It topped Wall Street’s quarterly sales and earnings expectations, but stuck by a full-year outlook that forecasts another annual sales decline.
Fiddelke steps into Target’s top role as the big-box retailer tries to find its footing and get back to growth. Target’s annual sales have been roughly flat for the past four years after the company’s sales soared during the Covid pandemic.
On a call with reporters, Fiddelke said he is „stepping in with urgency to rebuild momentum and return to profitable growth.“
He laid out three priorities: Reestablishing Target’s reputation as a retailer with stylish and unique items, providing a more consistent customer experience and using technology more effectively to operate an efficient business.
„We’ve built a solid foundation, and we’re proud of the many ways that Target is unique in American retail“, he said.
