Company Leadership Transition - Target CEO Brian Cornell will step down next year after over a decade, as the company undertakes a turnaround effort to reignite growth and reverse declining sales [1] - Michael Fiddelke, the current COO, has been elected to succeed Cornell and will join the Board of Directors on February 1 [1][13] Executive Background - Cornell, 66, is concluding a three-year commitment made in 2022, during which Target's board removed the mandatory retirement age of 65 to allow him to lead during a critical period [2] - Fiddelke, 49, has been with Target for 20 years and has held various leadership roles across merchandising, finance, operations, and human resources [2] Business Performance - In the latest fiscal quarter, Target reported $25.2 billion in sales, a decrease of just under 1% year-over-year [5][16] - Sales at stores open at least a year fell nearly 2%, with in-store sales dropping more than 3%, while online sales grew a little over 4% [10] Profit and Sales Forecast - The company's profit for the quarter was $1.3 billion, down about 19% from the previous year [10] - Target expects a low-single digit decline in sales for fiscal 2025, revised down from a previous forecast of net sales growth of about 1% [15] Strategic Initiatives - To achieve long-term profitable growth, Target announced a new multi-year growth initiative called the Enterprise Acceleration Office, aimed at enhancing speed, adaptability, innovation, and resilience [14]

All right, welcome back everybody. Some breaking news for you this morning from Target. The company is announcing a big change.The longtime CEO Brian Cornell is going to be leaving the top job as of February 1st of next year. And he will become the executive chair of the board of directors. He's going to be replaced as CEO by Target's chief operating officer, Michael Fideli, who was elected unanimously by the board.Now, this news does come as Target reports its second quarter results this morning. If you're ...

Core Viewpoint - Target CEO Brian Cornell will step down next year after over a decade, as the company aims to revitalize growth and address declining sales [1][2] Leadership Transition - Michael Fiddelke, the current COO, has been elected to succeed Cornell and will join the Board of Directors on February 1 [1] - Fiddelke has been with Target for 20 years and has played a key role in building the company's core strengths across various departments [3][6] Financial Performance - In the latest fiscal quarter, Target reported $25.2 billion in sales, a decrease of just under 1% year-over-year, with in-store sales dropping over 3% while online sales grew slightly over 4% [8] - The company's profit for the quarter was $1.3 billion, down approximately 19% from the previous year [8] Strategic Initiatives - Target has launched a multi-year growth initiative called the Enterprise Acceleration Office to enhance operational agility and resilience [11][13] - The company anticipates a low-single digit decline in sales for fiscal 2025, revising its previous forecast of net sales growth [14]

Exhibit 99 FOR IMMEDIATE RELEASE Contacts: John Hulbert, Investors, (612) 761-6627 Joe Poulos, Media, (612) 696-3400 Target Corporation Reports Second Quarter Earnings Target's Board of Directors unanimously appoints Michael Fiddelke to serve as Target's next CEO. For additional details, please visit: https://corporate.target.com/press/release/2025/08/target-appoints-michael-fiddelke-as-chief-executive-officer For additional media materials, please visit: https://corporate.target.com/news-features/article/2 ...

Target's CEO is stepping down after 11 years at the retailer, as sales continue to plunge.https://t.co/gOrWf9ap8B ...

Target's CEO is stepping down after 11 years at the retailer, as sales continue to plunge.https://t.co/C6tHWX4Dkp ...

Target names veteran Michael Fiddelke as its next chief executive officer, betting that the insider will rejuvenate sales https://t.co/pnQ8WFYdZV ...

Target has picked Michael Fiddelke, a lifelong employee and chief operating officer, to become its new CEO in February https://t.co/MPT6LUjgil ...

Core Viewpoint - Target has appointed Michael Fiddelke as the new CEO, effective February 1, as the company seeks to recover from a sales slump and regain investor confidence [2][3]. Company Leadership Transition - Michael Fiddelke, a 20-year veteran of Target, will succeed Brian Cornell, who has led the company since 2014 and will transition to the role of executive chair [2][5]. - Fiddelke's appointment comes at a crucial time as Target aims to reverse a trend of flat annual sales over the past four years [3][6]. Financial Performance - Target reported fiscal second-quarter results that exceeded Wall Street's expectations for sales and earnings, yet maintained a full-year outlook predicting a low-single-digit percentage decline in sales [3][6]. - The company's stock has seen a significant decline, dropping about 60% since its peak in 2021, with a 22% decrease in 2025 alone [7]. Strategic Priorities - Fiddelke has outlined three main priorities: restoring Target's reputation for stylish and unique merchandise, enhancing customer experience consistency, and leveraging technology for operational efficiency [4][12]. - He emphasized the need to rebuild momentum and return to profitable growth [4][12]. Market Challenges - Target faces increased competition from rivals like Walmart and is dealing with cost pressures due to tariffs, alongside backlash from changes in diversity, equity, and inclusion policies [8]. - The company is also ending its partnership with Ulta Beauty, which involved mini beauty shops in Target stores, set to conclude in August 2026 [9]. Investor Sentiment - A survey indicated that 96% of investors preferred an external candidate for the CEO position, highlighting a desire for fresh ideas [10]. - Despite this, the board selected Fiddelke after an extensive search, citing his deep understanding of the business and the trust he has built within the team [10][11].

Michael Fiddelke, chief operating officer, to succeed Brian Cornell as chief executive officer and join Target's Board of Directors Cornell, chair and chief executive officer, to serve as executive chair of Target's Board of Directors Appointments effective Feb. 1, 2026MINNEAPOLIS, Aug. 20, 2025 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced the company's Board of Directors has unanimously elected Michael Fiddelke, chief operating officer, to succeed Brian Cornell as chief executive office ...