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

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.

Target named insider Michael Fiddelke on Wednesday as its new CEO in an effort 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.