New York (CNN) — Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Cornell’s departure was widely expected. Some industry analysts believed Target should bring in an outside voice to lead the company, but it opted for an internal candidate: Cornell will be replaced on February 1, 2026, by Michael Fiddelke, Target’s current chief operating officer. Fiddelke started as an intern at Target and has been at the company for 20 years.

Fiddelke was chosen from a “strong list of external and internal candidates,” Cornell said on a call with analysts Wednesday, adding that he is the “right candidate to lead our business back to growth.”

Cornell will stay on as executive chairman. He took over in 2014 a

See Full Page