Michael Fiddelke will be Target's next CEO, the company announced on Aug. 20.
A Target store is pictured in Des Moines, Iowa.

Target's board of directors has appointed a new chief executive officer to lead the retail giant, the company announced Aug. 20.

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release.

Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

After finishing his tenure as CEO, Cornell will serve as executive chair of Target's board of directors. Target said it will announce its new COO — Fiddelke's successor — "at a later date."

The announcement came the same day Target released its second quarter earnings, revealing the quarter's comparable sales fell by nearly two percent.

"I step into the role with an urgent commitment to drive growth and deliver better results," Fiddelke said in a statement.

Target releases second-quarter earnings, names new CEO

Target released its second-quarter earnings on Aug. 20 after slashing its annual sales forecast in May.

The company reported net sales of $25.2 billion in the second quarter, which was 0.9% lower than last year.

Second quarter comparable sales decreased 1.9%, and operating income of $1.3 billion was 19.4% lower than last year.

In May, after releasing its first quarter earnings, Target said it expects a single-digit decline in annual sales. The company previously forecast net sales growth of around 1%.

Fiddelke, Target's newly-appointed CEO, said during a media call on the second quarter earnings report that the company needs "to move faster, much faster," Reuters reported.

"My number one goal is to get us back to growth," Fiddelke said.

Who is Target's new CEO, Michael Fiddelke?

Fiddelke, 49, has worked at Target for more than two decades, having joined the company as an intern in 2003, according to Target's website.

Prior to being named chief operating officer in January 2024, Fiddelke was Target's chief financial officer.

In addition to assuming the role of CEO, Fiddelke will join Target's board of directors on Feb. 1, 2026, the company said.

"After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail," Fiddelke said in a statement.

He has a master of Business Administration degree from Northwestern University and a Bachelor of Science in industrial engineering from the University of Iowa.

This story has been updated with new information.

Contributing: Reuters

Melina Khan is a national trending reporter for USA TODAY. She can be reached at melina.khan@usatoday.com.

This article originally appeared on USA TODAY: Target CEO Brian Cornell steps down; Michael Fiddelke takes over after weak quarter

Reporting by Melina Khan, USA TODAY / USA TODAY

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