When Brian Cornell took over as Target’s CEO in 2014, the retailer was reeling from a data breach, a failed Canadian expansion, and wavering investor confidence. Over the next decade, he restored stability and positioned the brand as a steady, if not spectacular, performer. Now, as Cornell’s extended tenure nears its conclusion—he agreed to a three-year extension in 2022 that is expected to end in late 2025—the question in Minneapolis and on Wall Street is who will take the reins.

The clearest heir apparent is Michael Fiddelke, Target’s chief operating officer. Over more than two decades, Fiddelke has touched nearly every corner of the business—finance, HR, merchandising, and store operations—before rising to CFO and then COO. In 2023, he was tapped to lead the company’s new enterprise ac

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