Target names new CEO as retailer fights to reverse sales slump

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]