Target Corp. is entering one of the most critical chapters in its history, with long-serving insider Michael Fiddelke confirmed to take over as chief executive on Feb. 1 next year.

Target shares tanked 7% after it tapped a longtime insider as its new chief executive – sorely disappointing investors who had hoped the struggling “cheap chic” retailer would lure a retail guru from ...

Target CEO Brian Cornell will step down from his role in February, with longtime employee Michael Fiddelke tapped to replace him.

"We have very mixed feelings about this appointment," said Neil Saunders, managing director at GlobalData.