Cornell's departure is not a surprise, with his contract nearly up and the company's performance down. His successor, Michael Fiddelke, is a company insider; analysts were hoping for big changes. 10 stocks we like better than Target › The biggest news from retailer Target's (NYSE: TGT) second-quarter earnings report,

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 CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1.