Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

Cornell is the current CEO of Target. He began his executive position in 2014. Previously, Cornell worked with various major retailers in the United States, including as Safeway’s chief marketing officer and executive vice president, and he was on the board of directors for OfficeMax and The Home Depot.