Good morning. There’s more executive turnover in the Fortune 500.

Target CEO Brian Cornell is stepping down, and Michael Fiddelke, chief operating officer (COO), will become chief executive on Feb. 1, 2026. Cornell has led Target for 11 years. Fiddelke began his career at Target as an intern in 2003 .

He served as CFO from November 2019 until February 2024, then was appointed COO—but held both roles until Jim Lee became finance chief last September. Fiddelke’s rise to the top comes as Target faces financial challenges and declining customer trust after backlash and boycotts related to its reversal on DEI efforts earlier this year. Foot traffic and revenue remain down .

Target reported another weak quarter on Wednesday with comparable sales down 1.9%, and reaffirmed its expecta

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