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.

Target reported stronger-than-expected second-quarter earnings Wednesday, but that may not matter much to investors, who finally know who the retailer’s next chief executive is going to be.

Fiddelke also led a $2 billion efficiency drive to reshape Target's operations through technology, same-day delivery and digital services.