Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday. In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.

Target needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it.

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.

Brian Cornell is stepping down from his role as CEO of Target as the beleaguered retailer struggles with declining sales, new costs from tariffs, and backlash over its reversal on DEI policies -- a move that is being cheered by those on the left who have criticized the company.

Target announced it was replacing CEO Brian Cornell with 20-year company veteran Michael Fiddelke, and shares plunged.

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

Wall Street continues to drift Wednesday while news of a leadership change at Target took some of the spotlight away from the latest batch of corporate earnings reports.