Target shares tanked 7% after it tapped a longtime insider as its new chief executive – sorely disappointing investors who had hoped the struggling “cheap chic” retailer would lure a retail guru from outside.

Michael Fiddelke, the 49-year-old chief operating officer of the “cheap chic” retailer, will take the helm Feb. 1 to replace CEO Brian Cornell who will step into the board’s executive chairman role, the company said Wednesday.

Cornell, 66, who led the company for a decade, said: “There is no one better suited to move Target forward than Michael Fiddelke.” 4

But investors had been hoping for an outside executive to take over the flailing chain, which has reported dismal results in recent quarters and lost ground to big-box rival Walmart .

As a 20-year Target veteran who prev

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