Who is Michael Fiddelke? Target Promotes Intern-Turned-Executive To CEO After 20 Years

Brian Cornell has announced that he is stepping down as CEO of Target. In light of the news, the company has announced Michael Fiddelke, their COO, to take his place. Fiddelke initially joined as an intern, and has been with Target since 2003.

About Michael Fiddelke

As per his LinkedIn profile, Fiddelke has a bachelor's degree in industrial engineering from the University of Iowa. He also has an MBA in Finance from the Kellogg School of Management at Northwestern University.

He secured his internship at Target during his pursuit of his master's degree. His time at the company saw him work across finance, human resources, merchandising and operations.

Fiddelke had a steady career path moving forward, becoming an analyst and manager in 2004. From 2007-2009, he was positioned as a director for finance, business intelligence and store operations.

In 2011, he became a senior director for strategic pricing. In 2013, he'd ascend as VP of pay and benefits. From August 2015 to October 2019, he would be senior vice president for areas like financial planning and analysis, merchandising capabilities and operations.

He became a prominent member at Target in November 2019, serving as their EVP and CFO. In January 2024, he was appointed as the company's COO.

Since last year, his scope of work included overseeing roughly 2,000 Target stores. He has managed their global supply chain network, network capacity planning and enterprise operations among other things.

On 1 February 2026, Fiddelke will be Target's CEO after 23 years with the company. He'll take over Cornell, who has been the company's CEO since 2014.
Cornell's exit follows Target's retirement age changes, which saw him stay for three more years. However, he'll still oversee the company with a new position as executive chair of the board of directors.

Current State of Target

Fiddelke's appointment as CEO comes with some worrying figures for the company. This stems from more customers shifting towards more budget-oriented alternatives.

Their competition includes the likes of Walmart, who contend with cost pressures due to tariffs. There's also the matter of backlash to its reversal of key diversity, equity and inclusion policies.

Customers, former employees and suppliers told CNBC that Target's best-known traits have become weaker. Among these are eye-catching merchandise, tidy stores and friendly employees.

Target's first quarter this year came with falling sales and decreased store traffic. This comes after the company decided to roll back their DEI initiatives at the start of 2025. At Tuesday's close, Target's stock was down 10.8% year-to-date.

Cornell's departure was announced with their second-quarter earnings results. Their sales were $25.2 billion, almost 1% down year-on-year, but above Wall Street expectations of $24.93 billion.

In addition, Target's stock was down nearly 10% in premarket trading as of Wednesday. Shares of the company have gone down about 60% since their all-time high in 2021.

Given the circumstances, Fiddelke said that he wanted to 'refocus' their strategy and 'build on the assets and capabilities that have made Target a beloved destination for incredible products and a one of a kind shopping experience'.

He added that the company has work to do to reach their full potential. Given his incoming appointment, the Minneapolis-based retailer is confident that Fiddelke can turn things around.