Target CEO Brian Cornell is stepping down from his longtime position amid declining sales and the fallout from its DEI rollback.

According to CNN, Cornell, who served as the CEO of Target for 11 years, will transition to executive chairman beginning on February 1, 2026. He will be succeeded by Target’s current chief operating officer, Michael Fiddelke, who was chosen from a “strong list of external and internal candidates,” according to Cornell.

“He is the right candidate to lead our business back to growth,” Cornell said Wednesday (August 20) on a call with analysts.

The leadership change comes as Target reported its third consecutive quarter of falling sales this week. Target’s stock is one of the worst performers in the S&P 500 this year.

Earlier this year, Target ended several DEI

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