Target CEO Brian Cornell is stepping down next year after over a decade at the helm as the embattled retailer undertakes a high-stakes turnaround effort aimed at reigniting growth and reversing sliding sales.

The Minneapolis-based company's board of directors unanimously elected Michael Fiddelke, the company's current chief operating officer, to succeed Cornell and become a member of its Board of Directors on Feb. 1, the company announced Wednesday.

The news comes as Cornell, 66, wraps up the three-year commitment he made in 2022 to remain CEO. That year, Target’s board scrapped its mandatory retirement age of 65, allowing him to stay on during a pivotal period for the company as it worked to revive traffic and growth.

Over the past 20 years at Target, Fiddelke, 49 years old, has been

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