Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since January 2024. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

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

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