Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

Brian Cornell is stepping down from his role as CEO of Target as the beleaguered retailer struggles with declining sales, new costs from tariffs, and backlash over its reversal on DEI policies -- a move that is being cheered by those on the left who have criticized the company.

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Target promoted insider Michael Fiddelke on Wednesday as its new CEO to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers.

Fiddelke acknowledged many of these problems on Wednesday, saying Target was “urgently adjusting” to tariffs and changing consumer needs, embracing technology to automate manual work, and working to mend problems like slow decision-making, siloed internal goals, and a lack of access to quality data that would drive better inventory planning.

US retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price. The leadership change comes as rising prices and uncertainty over the knock-on effects of US tariffs have raised concerns over the impact on consumer spending,