Target names Michael Fiddelke CEO as sales stagnate and Minneapolis unrest intensifies operational uncertainty

A leadership change arrives as Target confronts weaker demand and heightened local pressure

Target entered February with a new chief executive and a complicated set of challenges spanning store performance, competitive pressure and unrest in its hometown. Michael Fiddelke became CEO on Feb. 1, 2026, following a succession plan announced in August 2025 that also moved longtime CEO Brian Cornell into the role of executive chair of the board.

Fiddelke, a Target veteran who joined the company in 2003 and most recently served as chief operating officer, takes over as the retailer works to regain momentum after several years of uneven results. The company’s recent performance has reflected shifting consumer spending patterns, persistent pressure on discretionary categories, and intensified competition from larger rivals with broad pricing leverage and expanding delivery ecosystems.

Sales pressures and execution issues shape the business backdrop

Target’s pandemic-era surge in sales has faded. Inflation-driven belt-tightening in 2022 and 2023 reduced demand for nonessential goods, while the company also contended with operational complaints such as out-of-stocks, store conditions and staffing-related checkout delays. Those issues became especially visible during peak seasonal periods when store readiness and traffic management are critical.

In its third-quarter fiscal 2025 update released in November 2025, Target reported net sales down 1.5% from the prior year and comparable sales down 2.7%, while digital comparable sales increased 2.4%. The same update highlighted growth in same-day delivery and other parts of Target’s digital and advertising-related businesses, underscoring a strategy that increasingly depends on services beyond traditional in-store transactions.

• Q3 fiscal 2025 net sales: down 1.5% year over year
• Q3 fiscal 2025 comparable sales: down 2.7%
• Q3 fiscal 2025 digital comparable sales: up 2.4%

Minneapolis turmoil adds reputational and operational complexity

As the leadership transition became effective, Target also faced escalating tension in the Twin Cities linked to federal immigration enforcement activity and protests across Minneapolis. Demonstrations have targeted major employers and retail locations, placing companies in the position of balancing employee safety, business continuity and public expectations about corporate responses.

Target has a large local footprint, with more than 50 stores in the Twin Cities and a headquarters that ties the company’s brand closely to the region’s civic climate. In internal messages around the recent unrest, Fiddelke emphasized safety and the need for de-escalation, while indicating his intent to listen to employees as he begins his tenure.

“We have real work to do.”

What investors and employees will watch next

The new CEO’s early months are expected to focus on sharpening Target’s value and style positioning, improving store execution, and sustaining growth in digital services. The governance structure, with Cornell remaining as executive chair, adds continuity while also defining how quickly strategic shifts can be implemented. Near-term scrutiny is likely to center on whether operational improvements translate into stronger traffic and comparable sales, and whether the company can manage local tensions without disrupting store operations or workforce stability.