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Target Corporation (NYSE:TGT) announced Monday that its Board of Directors has appointed Michael J. Fiddelke as the company’s next Chief Executive Officer and a member of the Board, effective February 1, 2026. Fiddelke is currently Target’s Executive Vice President and Chief Operating Officer.
Current CEO Brian C. Cornell will step down from his position on February 1, 2026, and continue to serve as Chair of the Board in an Executive Chair capacity, according to a statement released in a Securities and Exchange Commission filing.
Fiddelke, 49, has been with Target since 2004. He has served as Executive Vice President and Chief Operating Officer since February 2024 and previously held the role of Executive Vice President and Chief Financial Officer from November 2019 to September 2024.
The company stated that the material terms of compensation arrangements for both Cornell and Fiddelke in connection with these transitions will be disclosed once they have been approved.
This information is based on a statement included in a recent SEC filing.
In other recent news, Target Corporation has announced that Michael Fiddelke, currently the Chief Operating Officer, will succeed Brian Cornell as CEO, effective February 1, 2026. Cornell will transition to the role of executive chair of the Board of Directors. Evercore ISI has reiterated an In Line rating on Target with a price target of $108.00 ahead of the company’s upcoming earnings report. The firm suggests potential for a stock increase following the earnings announcement. In a separate development, Target’s partnership with Ulta Beauty (NASDAQ:ULTA) is set to end in 2026, as both companies have mutually agreed not to renew their shop-in-shop agreement. Mizuho (NYSE:MFG) has maintained a Neutral rating on Target with a price target of $88.00, following the announcement. Telsey Advisory Group has reiterated its Market Perform rating with a price target of $100.00, projecting a comparable sales decline of 3.5% and an earnings per share drop of 14% for the second quarter of 2025. For the full fiscal year 2025, Telsey forecasts a 2.5% decline in comparable sales and a 13% decrease in EPS, aligning with Target’s guidance.
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