Target faces headwinds, including sliding sales and a declining stock price. Incoming CEO Fiddelke said he aims to invest in technology and create more consistency for shoppers.

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

Explore Target Corporation's financial health and strategy: strong credit quality, CEO transition in 2026, and an attractive 4.3% dividend. Click for my TGT update.

Follow all the latest U.S. market action for Wednesday here to see if this week's selling of Ai-related technology names continues, and as Target gives clues on consumer spending.

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Target named insider Michael Fiddelke on Wednesday as its new CEO to succeed long-time top boss Brian Cornell, and beat quarterly estimates, helped by a recovery in traffic at its stores and average receipts.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

In 2025, Walmart has been a clear outperformer, up 12%, while Target has slumped 22%. Technicians tend not to believe too much in mean reversion, because once trends are in motion, they are more likely to remain in place rather than reverse. Expect this dynamic to continue.