Michael Fiddelke, Target’s current Chief Operating Officer, will be the new CEO
Transcript:
CAROLINE WOODS: Target is shaking up the corner office as it loses ground to competitors like Walmart.
CEO Brian Cornell is stepping down after 11 years. His exit was widely expected. Some analysts argued for an outside hire, but Target is keeping it internal. On February 1st, Cornell will hand the reins to Chief Operating Officer Michael Fiddelke – a 20–year veteran who started as an intern. Cornell calls him the “right candidate” to lead the business “back to growth.”
Cornell will stay on as executive chairman. Since taking over in 2014, he’s credited with revamping stores and expanding Target’s online business to compete with Amazon. But the past few years, Target has struggled with weak sales, market share losses, and shifting consumer habits.
Meanwhile, Fiddelke says he’ll focus on three priorities: restoring Target’s reputation for stylish, unique products, creating a more consistent shopping experience, and using technology to run the business more efficiently.
Wall Street doesn’t seem convinced. Shares are tumbling Wednesday even after Target topped earnings expectations and reaffirmed its full-year outlook.
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