Target announced early Wednesday that Brian Cornell is stepping down as the company's CEO as the company released financial data showing falling sales.

Cornell will be replaced by Michael Fiddelke, Target's current chief operating officer. Cornell will stay with Target as executive chair of its Board of Directors. The change in leadership will be effective as of Feb. 1, 2026.

The change in leadership comes as the company announced another quarter of lagging sales. The company said its second-quarter operating income of $1.3 billion was 19.4% lower than last year.

After Target announced its updated financial statement and change in leadership, the company's stock fell by over 9% in premarket trading early Wednesday morning.

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