Michael Fiddelke, Target’s chief operating officer who has been with the company for 20 years, will succeed Brian Cornell as CEO effective Feb. 1, according to the Associated Press.
Cornell took on the role in 2014 but has struggled to turn around weak sales in a retail landscape that has become increasingly competitive since the COVID-19 pandemic.
Fiddelke, meanwhile, has overhauled Target’s supply network and expanded its stores and digital services, while cutting costs. The company in May had announced that he would head a new office centered on faster decision-making to help bolster sales growth.
He will take over at a time when Target’s sales are unsteady and it is losing market share to rivals like Walmart.
