Target has appointed internal manager Michael Fiddelke as successor to Brian Cornell to put the US retailer back on a growth path after years of weak results. The 49-year-old, with the company for two decades, will take over as Chief Executive in February 2026. Cornell, who has been at the helm since 2014, will move to the role of Executive Chair.

The appointment comes during a period of ongoing sales problems. In the second quarter, comparable sales fell by 1.9 percent, while total revenues slightly decreased to $25.2 billion, just below last year's figure. Net profit plummeted by 22 percent to $935 million. Investors reacted with disappointment: the stock fell by 7.3 percent in premarket trading.

Fiddelke announced plans to streamline the operational base and "regain momentum." His program rests on three pillars: sharpened product development, improved customer experiences, and accelerated investments in technology. Already in the spring, he had created an "Enterprise Acceleration Office" to reduce bureaucracy.

Under Cornell, Target used the pandemic years to expand its digital platform and drive sales to a high of $109 billion in 2022. Since then, however, Amazon, Costco, and Walmart have pushed more forcefully into the core business, while inventory misplanning and politically charged debates have further burdened the company.

With a high proportion of non-essential consumer goods, Target suffers more from consumer restraint and rising import tariffs. Fiddelke wants to reposition the brand more strongly through style and differentiation. "The word that comes to mind is 'swagger,'" he said. "When we set trends with confidence, Target plays at its highest level.