Target said Michael Fiddelke, its current chief operating officer, will succeed Brian Cornell as CEO.

Target said Michael Fiddelke, its current chief operating officer, will succeed Brian Cornell as CEO.

Longtime Target leader Brian Cornell exits as CEO; Michael Fiddelke steps in with a turnaround strategy to revive sales and restore growth.

Target's chief operating officer, Michael Fiddelke, is set to succeed current CEO Brian Cornell in 2026. Cornell will transition to the role of executive chair of the board of directors.

Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart.

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Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release.

Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1.

Target said Michael Fiddelke, its current chief operating officer, will succeed Brian Cornell as CEO.