Chief operating officer and former chief financial officer, Michael Fiddelke, will take over from Brian Cornell as boss of the retailer in February.

Target announced in a press release Wednesday that its board of directors unanimously appointed COO Michael Fiddelke to be the next chief executive officer, while current CEO Cornell will move into the role of executive chair of the board of directors.

Target CEO Brian Cornell is stepping down next year after over a decade at the helm as the embattled retailer undertakes a high-stakes turnaround effort aimed at reigniting growth and reversing sliding sales.