Target is turning to a company insider to lead it through one of the most challenging moments in its recent history. Michael Fiddelke, the retailer’s chief operating officer and a 20-year veteran of the company, has been named as the successor to longtime CEO Brian Cornell, effective February 1, 2025. Cornell will remain as executive chair of the board, while Fiddelke assumes the top role at a time when Target is facing mounting pressure from rivals and shifting consumer preferences.
From Intern to CEO
Fiddelke’s story is one of a steady rise within Target. The 49-year-old executive first joined the company as a finance intern in 2003, while completing his MBA at Northwestern University’s Kellogg School of Management. Before that, he had worked at Deloitte for three years after earning his industrial engineering degree from the University of Iowa in 1999.
He accepted a permanent position at Target in 2004 as a financial analyst and, over the next two decades, worked across merchandising, finance, operations, and human resources. He served as chief financial officer from 2019 to 2024, before stepping into the COO role last year.
In that position, Fiddelke was responsible for overseeing Target’s nearly 2,000 U.S. stores, its global supply chain and fulfillment network, delivery services, enterprise operations, and capacity planning. Beyond his corporate duties, he also sits on the boards of the Minnesota Children’s Museum and Shipt, Target’s delivery service subsidiary.
Leading Target Through Turbulence
Fiddelke takes the reins as Target confronts declining comparable sales — down in five of the last eight quarters — and slowing foot traffic. Many customers have shifted to budget-conscious alternatives like Walmart and dollar stores, forcing Target to rethink its positioning.
In May, Target created a multi-year Enterprise Acceleration Office, led by Fiddelke, with a mandate to deliver $2 billion in cost efficiencies. On Wednesday’s earnings call, he said the experience gave him “a fresh perspective on where the company is now and how it needs to grow.”
He acknowledged that Target has significant work ahead. “I know we’re not realizing our full potential right now, and so I’m stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth,” Fiddelke said.
Fiddelke’s Three-Part Strategy
In his remarks, Fiddelke outlined a three-pronged strategy to get Target back on track:
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Re-establishing a style and design “North Star” – doubling down on Target’s reputation for affordable yet stylish products.
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Delivering a consistent, elevated shopping experience – ensuring customers have the same quality experience across all stores and digital channels.
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Investing in technology and innovation – from fulfillment to digital retail tools, to make operations more efficient and customer-friendly.
“The only path that works long-term in retail is one that’s built on the back of growth, and so that becomes me and my team’s sole focus as I step into the job,” he said.
Analysts Are Divided
While Cornell praised his successor’s “strategic insights and sound judgment,” analysts have expressed skepticism about whether an internal hire can solve Target’s deeper challenges.
“An internal appointment does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” said Neil Saunders, managing director of GlobalData, in a separate note.
Investors seemed to share some of that concern. Following the announcement, Target’s stock fell more than 10% in premarket trading on Wednesday, reflecting doubts that the leadership change would immediately address the company’s struggles.
Still, others point to Fiddelke’s broad experience and deep knowledge of the business as key assets. With his background in finance, operations, and strategy, some believe he may be uniquely positioned to stabilize Target and refocus its strengths in groceries, beauty, and essentials — categories that remain resilient.
For now, Fiddelke is striking a pragmatic but optimistic tone. Speaking to Target’s interns earlier this summer, he advised them to “be relentlessly curious, slow down and ask questions, embrace feedback, and make the most of the moment by making connections.”
It’s advice that now reflects the leadership style he plans to bring to the CEO role. As he put it in his official statement: “We have work to do to reach our full potential. But I believe Target has all the right ingredients to return to growth.”
The challenge for Fiddelke will be to convince investors, customers, and employees that an insider can lead meaningful change — and that Target’s best days aren’t behind it.
