Target CEO Brian Cornell is stepping down after 11 years amid significant challenges including declining sales, customer boycotts, and intense competition, marking a critical transition for the retail giant. This move comes as the company faces one of its most difficult periods, with ongoing struggles to regain consumer trust and market share.
Who: Brian Cornell, who has served as CEO of Target Corporation since 2014, is resigning from his position. Target is one of America’s largest retail chains, with nearly 2,000 stores across the United States, and Cornell has been a key figure in its recent history, having led a turnaround earlier in his tenure.
What: The announcement involves Cornell’s departure and the appointment of Michael Fiddelke, currently Target’s chief operating officer, as his successor. This leadership change was made public during Target’s second-quarter earnings call, highlighting a strategic shift in response to prolonged business challenges.
When: The news was officially announced on August 20, 2025, with multiple reliable sources reporting it on the same day. Cornell’s stepping down is effective in the near future, with Fiddelke set to take over as CEO in the coming months.
Where: Target is headquartered in Minneapolis, Minnesota, and operates stores nationwide. The issues leading to this change are primarily affecting its US operations, where the company has faced the brunt of sales declines and consumer backlash.
Why: Cornell’s resignation is driven by several factors, including a sustained decline in sales over multiple quarters, backlash from both ends of the political spectrum due to changes in diversity, equity, and inclusion (DEI) initiatives, and increased competition from rivals like Walmart, Amazon, and Costco. Specifically, Target scaled back its Pride-related merchandise and DEI programs after facing criticism, which alienated some customer segments and led to boycotts.
How: The decision was communicated through corporate channels, including earnings reports and press releases. Target’s board likely made this change after evaluating the company’s performance and future prospects, aiming to inject new leadership to address ongoing issues.
Impact: The leadership change has immediate implications, including potential volatility in Target’s stock price, which has been among the worst performers in the S&P 500 this year. Employees and stakeholders may experience uncertainty, and the company’s reputation is at risk if the new CEO cannot swiftly address the challenges. Sales have been falling for 11 consecutive quarters, indicating deep-rooted problems that need urgent attention.
What’s next: Michael Fiddelke will inherit a complex situation, requiring him to navigate the balance between competing consumer demands, improve operational efficiency, and innovate to compete with larger retailers. Target may need to reassess its strategies around product offerings, marketing, and corporate values to rebuild customer loyalty and stabilize financial performance.
Source: https://www.cnn.com/2025/08/20/business/timeline-target-ceo