Brian Cornell, the longtime CEO of Target Corporation, is stepping down from his role on February 1, 2026, after more than a decade at the helm. Under his leadership since 2014, Target underwent a significant transformation, expanding its digital and fulfillment capabilities, revamping store operations, and embracing a more modern retail strategy. Cornell was the company’s first external CEO hire and played a major role in revitalizing the brand during a time of sluggish performance and competitive pressure.
As part of the transition, Cornell will become Executive Chair of Target’s board. He will be succeeded by Michael Fiddelke, the current Chief Operating Officer and a trusted internal leader who previously served as CFO. The change comes as Target navigates several business challenges, including slowing sales, tighter consumer spending, and criticism over its scaling back of diversity, equity, and inclusion (DEI) initiatives.
Though Cornell has been widely praised for building a people-first culture and steering Target through the COVID-19 pandemic with record-breaking growth, recent performance issues have dimmed the company’s momentum. The announcement of his upcoming departure led to a drop in Target’s stock price, reflecting investor uncertainty about the retailer’s near-term strategy under new leadership.
Despite the rocky ending, Cornell’s impact on Target is substantial. He leaves behind a company much more digitally savvy and operationally resilient than the one he inherited. Brian Cornell’s decision to step down marks the end of a pivotal era for Target. When he joined the company in 2014, Target was struggling with lagging sales, an underwhelming digital presence, and fallout from a massive data breach. Cornell quickly set a new course, focusing on modernizing Target’s supply chain, investing in store remodels, expanding private label brands, and heavily pushing into e-commerce. One of his most impactful moves was the acquisition of Shipt in 2017, which enabled same-day delivery and helped Target stay competitive with giants like Amazon and Walmart.
During the pandemic, under Cornell’s leadership, Target became one of the top-performing retailers in the country. Sales soared as the company leaned into curbside pickup, online ordering, and enhanced in-store fulfillment. His ability to blend physical retail with digital efficiency became a textbook case for modern omnichannel success.
However, in recent years, Target has faced mounting pressures. Consumer demand has cooled, inventory missteps hit profit margins, and the company has struggled with backlash over social and political issues, particularly around LGBTQ+ merchandise and the company’s response to conservative criticism. Internally, morale reportedly took a hit after Target scaled back some DEI commitments, a sharp contrast to Cornell’s previously vocal support for inclusive values. These challenges, combined with softer earnings, led to growing scrutiny of the company’s direction and leadership.
Still, Cornell remains highly respected within the industry. He was known for his steady, calm demeanor and ability to inspire both frontline employees and Wall Street. His elevation to Executive Chair signals that he will maintain influence at the company, at least in the near term, likely ensuring some continuity during the leadership transition.
Michael Fiddelke, his successor, inherits both the strong foundation Cornell built and the complex problems he leaves behind. As Target works to reaccelerate growth, rebuild consumer confidence, and balance cultural expectations, Fiddelke will need to define a new chapter—one that holds onto the best of Cornell’s legacy while evolving to meet today’s retail challenges.
Brian Cornell’s exit is not just a routine leadership change — it’s a turning point for Target. Over his nearly 12-year tenure, Cornell became synonymous with the company’s comeback. When he took the reins in 2014, Target was still recovering from a series of setbacks, including a failed expansion into Canada and the aftermath of one of the most damaging retail data breaches in U.S. history. Cornell quickly brought stability and decisiveness to the brand. He shut down the Canadian division, simplified Target’s operations, and began redirecting resources toward core strengths, such as merchandising, logistics, and technology.
One of his key innovations was integrating stores more deeply into the e-commerce experience. Rather than leaning into standalone fulfillment centers like Amazon, Cornell’s strategy was to make stores the hub of Target’s online operations. This “stores-as-hubs” model dramatically shortened delivery times, increased efficiency, and helped Target deliver a unique hybrid shopping experience that resonated with both urban and suburban customers.
His efforts paid off. Target enjoyed several years of strong sales and earnings growth, becoming one of the most admired retailers in America. Cornell was recognized for his people-first leadership style, regularly visiting stores and listening to frontline employees. He also placed a major emphasis on elevating Target’s brand image through design partnerships, exclusive product lines, and bold merchandising that made the store feel curated and modern.
But more recently, the retail landscape has shifted. Post-pandemic inflation, rising labor costs, and shifts in consumer behavior have eaten into Target’s profitability. Some of the company’s strategic bets — such as increasing discretionary inventory at a time when consumers were cutting back on non-essential spending — backfired. Public perception challenges also surfaced, particularly around politically charged controversies involving Pride displays and DEI initiatives. The company’s perceived backpedaling in response to backlash sparked criticism from both progressive and conservative camps, putting Cornell in a difficult position.
In this context, the announcement of Cornell’s transition to Executive Chair feels both planned and reactive. While the move is officially being positioned as a leadership evolution, it also acknowledges that Target needs a fresh operational approach in an increasingly complex retail environment. Michael Fiddelke, stepping in as CEO, has deep institutional knowledge and financial discipline, having served as both CFO and COO. Still, he lacks the external presence and retail charisma that Cornell brought — something investors and employees alike will be watching closely.
Cornell's departure also reflects broader changes across the retail sector. The era of explosive post-pandemic growth is over, and many retailers are being forced to reset expectations. Leadership is increasingly about navigating volatility — economic, political, and cultural — while keeping brand identity intact. Cornell managed that balance for years, but the pressures of 2024 and 2025 made it clear that the next phase of Target’s evolution might require a different playbook.
Ultimately, Brian Cornell leaves Target stronger than he found it — operationally leaner, digitally savvy, and more culturally relevant. But he also leaves it at a moment of reckoning. As he moves into a more strategic advisory role, all eyes will be on how his successor confronts a retail landscape that is as uncertain as it is unforgiving.
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