Target CEO Brian Cornell, who has served as the company’s chief executive for more than a decade, will leave his role at the beginning of 2026, according to CNN. Cornell will officially be succeeded on February 1, 2026, by Michael Fiddelke — the Minneapolis-based retailer’s current chief operating officer who began his career at Target as an intern two decades ago. The transition comes at a turbulent time for Target, who has been losing ground to rivals like Walmart, Amazon, and Costco; and sales growth has weakened since the COVID-19 pandemic reshaped consumer habits. The retailer’s difficulties mirror broader challenges across the retail sector, as more shoppers gravitate toward online marketplaces and discount chains. Cornell acknowledged a “challenging retail environment,” but he touted “encouraging signs of recovery, including improved traffic and sales trends.