Target Promotes Longtime Executive Michael Fiddelke to CEO

Company Leadership Transition - Target has appointed Michael Fiddelke, the current chief operating officer and former finance chief, as the new CEO effective February 1 of next year, replacing Brian Cornell who will become executive chair of the board [2] - The board's lead independent director, Christine Leahy, expressed confidence in Fiddelke's ability to return Target to growth and reestablish its leadership in the retail sector [3] Strategic Goals and Challenges - Fiddelke aims to reaffirm Target's reputation for unique items, enhance the shopping experience, and leverage technology for efficiency [4] - The company reported a 0.9% decline in net sales compared to the same quarter in 2024, with a forecast of a "low-single digit decline" in sales for the fiscal year [5] - Despite the sales dip, there were signs of improvement with nearly 2% sales growth in the first quarter and a 4.3% increase in digital comparable sales, attributed to over 25% growth in same-day delivery [6] Market Conditions - Executives have linked the sales decline to factors such as decreasing consumer confidence, tariff uncertainties, and a downturn in discretionary spending [6] - Retail CEOs, including Cornell, previously met with President Trump to discuss the challenges posed by tariffs, indicating potential price increases and product scarcity [7]