Target on Wednesday said that company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street’s favor. Fiddelke, the company’s 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1.
Fiddelke steps into Target’s top role as the big-box retailer tries to find its footing and get back to growth. Target’s annual sales have been roughly flat for the past four years after the company’s sales soared during the Covid pandemic, and its stock is well off the all-time high it hit back in November 2021.