Investors panned Target’s choice of insider Michael Fiddelke as CEO today, viewing the 20-year company veteran as unlikely to fix the retailer’s myriad issues that have resulted in years of stock-market underperformance.

Fiddelke, 49, won’t start until February of next year, when he replaces current CEO Brian Cornell. In his first media call as incoming CEO, Fiddelke said his “number one goal is to get us back to growth.” But investors see that as a tall order.

Shares dropped more than 7% today, even as quarterly same-store sales declined less than anticipated and overall revenue came in ahead of expectations. Analysts said Target could have looked outside for new leadership after years of sales struggles, merchandise missteps and inventory management problems.

The company’s operating m

See Full Page