Target promoted insider Michael Fiddelke on Wednesday as its new CEO to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers.

(Reuters) -Target named longtime company veteran Michael Fiddelke as its CEO, replacing retail industry bigwig Brian Cornell, effective February 1, 2026. The leadership change comes as inflation and uncertainty from U.S. tariffs raise concerns over consumer spending, particularly for Target's discretionary products such as apparel and electronics.

El director general de Target, Brian Cornell, quien ayudó a revitalizar la compañía pero ha tenido dificultades para revertir las

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 Corp. announced Chief Operating Officer Michael Fiddelke will succeed Brian Cornell as chief executive officer effective February 1, 2026, following a unanimous Board of Directors vote. Fiddelke will also join Target’s Board of Directors at that time.

Target Corporation shares fell over 10% premarket on Wednesday after the retailer its new CEO while also reporting second quarter earnings that narrowly beat estimates but showed continuing sales challenges.

We recently published 12 Latest Stocks On Jim Cramer’s Radar. Target Corporation (NYSE:TGT) is one of the stocks Jim Cramer recently discussed. Target Corporation (NYSE:TGT) is one of the largest retailers in America,

Ulta Beauty and Target Corporation have announced they will not renew their popular shop-in-shop partnership when the current agreement expires in August 2026. The collaboration, which began in 2021, brought prestige beauty products to Target stores and allowed customers to link their Ulta Beauty Rewards with Target Circle accounts.