Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on Feb. 1 as the retailer works on its turnaround strategy.

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Target on Wednesday named a new chief executive, Michael Fiddelke, the company’s chief operating officer and a 20-year company veteran, who said improving the retail giant’s sputtering finances was “urgent” as he prepared to step into the top job.