Michael Fiddelke, the Target intern in 2003, gets the CEO post in 2025

Target Corporation has appointed Michael Fiddelke as its next Chief Executive Officer, effective February 1, 2026, succeeding Brian Cornell, who will transition to board chairman. The announcement, made unanimously by the company’s board, was announced on Wednesday, August 20, triggering an adverse market reaction, with Target shares (TGT.N) falling more than 7 per cent on the day.

Cornell, who has served as the company's CEO since 2014, will step down on Feb. 1, the company said in a news release. Fiddelke will take over the role on the same day.

Who is Michael Fiddelke?

Michael Fiddelke, 49, is an Iowa native who has worked at Target for more than 20 years. His journey is well highlighted on his LinkedIn profile, where he notes that he first joined the retailer as a finance intern in 2003.

Over the years, he has held leadership roles across finance, operations, human resources, and merchandising.

He served as Chief Financial Officer (2019–2024), where he led initiatives to modernize stores, expand the supply chain, and strengthen digital capabilities.

In January 2024, he was named Executive Vice President and Chief Operating Officer, overseeing nearly 2,000 stores, Target’s global supply chain, fulfillment services including same-day delivery with Shipt, as well as enterprise operations and properties.

Earlier, Fiddelke held senior positions such as SVP of Operations, SVP of Merchandising Capabilities, and Vice President of Pay and Benefits, among others. His broad experience across business functions may be why the board entrusted him with the top role.

He worked for three years at Deloitte Consulting LLP before joining Target. He holds a degree in industrial engineering from the University of Iowa and an MBA in finance from the Kellogg School of Management.

Why did Target choose him?

Target’s Board of Directors said Fiddelke’s appointment is the result of a deliberate and extensive succession process that evaluated both internal and external candidates. Christine Leahy, the Board’s lead independent director, said Fiddelke stood out as the right leader to guide Target through its next phase of growth.

“Michael’s tenure gives him unmatched enterprise insight and the trust of our teams,” Leahy noted, adding that what distinguishes him is his ability to pair that deep experience with a “fresh eyes” mindset.

“He challenges the status quo and evolves how the business operates, differentiates, and delivers long-term value.”

The Board said that Fiddelke’s leadership qualities, his resolve in navigating complex challenges, passion for growth, and ability to inspire position him to accelerate strategy and reestablish Target’s leadership in a fast-changing retail environment.