Michael Fidelke, the Chief Operating Officer of the target, will take over as CEO of Brian Cornell.
Courtesy of target
Target On Wednesday, it was stated that the company’s legend Michael Fidelke would become his next CEO at an important point, which would be at an important point in an attempt to exit the sales decline and win the side of Wall Street.
The company’s 49 -year -old Chief Operating Officer and former Chief Financial Officer, Fidelke, Brian Cornell will successfully successfully successfully. Cornell, who took a rudder of cheap chic retailer in 2014, will infection in the role of an executive chair in the board of directors.
Miniapolis-based retailer announced the same day Fiscal second quarter results reportedIt topped the quarterly sales and earnings of Wall Street, but stuck from a full year’s point of view, which estimates another annual sales.
Target’s shares were dropped by about 10% in premarket trading after the company announced the CEO and released the results. Before announcing his choice of target, Wall Street appeared in favor of an outsider for the top job.
The discount in the top role of the target tries to find his leg and come back into development as a fidelke step. The annual sales of the target have been almost flat for the last four years after the company’s sales increased during the Kovid epidemic.
On a call with reporters, Fidelke stated that he is “stepping with” urging the reconstruction of speed and returning to profitable development. “
He determined three priorities: re -establishing the reputation of the target as a retailer with stylish and unique items, providing a more consistent customer experience and using technology more effectively to operate a skilled business.
“We have created a solid base, and we are proud of many ways that the target is unique in American retail,” he said. “We also have real work in front of us.”
Fiddelke is a 20 -year target experienced. During his decades with the company, he has played the leadership in merchandising, finance, operations and human resources. He became the Chief Financial Officer of the target in late 2019 and stepped into the role of Chief Operating Officer in early 2024.
In May, that was Tap to oversee a new attemptThe Enterprise Acceleration Office is designed to turn around the target results.
Target Cut into your full year’s approach in May And on Wednesday repeated that guidance, saying that it expects a decline of less—-points in sales in this financial year.
The target stock increased after receiving online benefits during the epidemic, but in recent years it became a tumble after misunderstanding.
Target’s performance has shaken Wall Street’s confidence. The company’s shares have declined by about 60% in 2021 since its all -time high levels. Target’s stock fell 22% alone in 2025 alone.
Customer, former employee and supplier Told CNBC That the most famous symptoms of the company for the eye -catching goods, streamlined stores and friendly employees Have become weak. Retail seller is also facing strict competition including rivals Wal-martTarifs struggle with cost pressures and to deal with backlash from the opposite of major diversity, equity and inclusion policies.
And last week, Reverse beauty And announced the goal They are finishing a deal It opened mini beauty shops in about one third of the target store. The partnership will end in August 2026.
According to a June survey of 51 investors by Equity Research firm Mizuho Securities, Wall Street supported an outsider for the CEO job. About 96% of investors took an external mercenary to the next CEO of the target.
Christine Lehi, a chief independent director of the board of directors of the target, said in a news release that the board chose Fidelke after many years “a comprehensive external discovery and assessment of several strong candidates”.
“Michael’s tenure gives him a basis of unmatched enterprise insight and strong team trust,” he said. “But what separates him is that it combines the powers with the ‘fresh eye’ mindset, which challenges the status quo how the business is operated, differences and distributes the long -term value.”
On a call with reporters, Cornell and Fidelke were asked what they would say to investors who expected a target to hire an outsider who would bring new views.
Fidelke answered the question.
“I understand this business,” he said. “I think what makes the goal uniquely unique. And I have seen us in our best form, and I have seen us when we are not in our best, and it informs my clear evaluation today where we have to work.”
“But I will go back to start with something: My number one goal is to bring us back into development.”
