Target CEO Brian Cornell is stepping down. His replacement is a company insider who joined as an intern.

Group 1 - Target has announced the replacement of CEO Brian Cornell with Michael Fiddelke, who has been with the company since 2003, effective February 1 next year [1][2] - Cornell has been CEO since 2014 and will transition to the role of executive chair of the board of directors [2][4] - The leadership change comes as Target faces challenges post-pandemic, with a decline in sales and store traffic, particularly after rolling back DEI initiatives [2][4] Group 2 - Target reported second-quarter earnings with sales of $25.2 billion, a nearly 1% decrease year-on-year, but exceeding Wall Street expectations of $24.93 billion [4] - The company maintains a forecast of a low-single-digit decline in sales for 2025 [9] - Analyst Neil Saunders expressed mixed feelings about Fiddelke's appointment, noting it may not address the entrenched groupthink issues within the company [10]