New York (NCS) — Target CEO Brian Cornell is stepping down after 11 years on the retailer, as the corporate faces slumping sales and backlash to its retreat on DEI.
Cornell’s departure was broadly anticipated. Some trade analysts believed Target ought to usher in an outdoor voice to lead the corporate, however it opted for an inside candidate: Cornell can be changed on February 1, 2026, by Michael Fiddelke, Target’s present chief working officer. Fiddelke has been on the firm for 20 years.
Cornell took over in 2014 and revitalized Target. He oversaw a method to transform shops and strengthen the chain’s on-line enterprise to compete with Amazon.
But Target has been in a deep stoop for years, a outcome largely of its personal strategic missteps. The firm has additionally struggled as clients have bought much less of its house items and clothes, and Target has confronted intense competitors from Walmart, Amazon and Costco.
Target on Wednesday reported sales fell for the third-straight quarter. Shares fell 8% in premarket buying and selling. Target’s (TGT) inventory is among the many worst performing firms within the S&P 500 this yr.
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