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's departure is not a surprise, with his contract nearly up and the company's performance down. His successor, Michael Fiddelke, is a company insider; analysts were hoping for big changes. 10 stocks we like better than Target › The biggest news from retailer Target's (NYSE: TGT) second-quarter earnings report,

Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.