Target has named Michael Fiddelke, its current chief operating officer, as its next CEO. Fiddelke will succeed Brian Cornell on Feb. 1. He will step into the role as the big-box retailer tries to win back both customers and investors after years of stagnant sales and steep market share losses.

Investors panned Target’s choice of insider Michael Fiddelke as CEO on Wednesday, viewing the 20-year company veteran as unlikely to fix the retailer’s

Target (TGT) stock is sinking after the company announced that COO Michael Fiddelke will succeed current CEO Brian Cornell. Mizuho Americas director and senior analyst David Bellinger and Roth Capital Partners senior research analyst Bill Kirk join Market Catalysts to discuss what investors want to see out of Target and to explain why the market is worried the incoming CEO isn't up to the challenge.

Chief Operating Officer Michael Fiddelke, who will take the top job in February, said the retailer needs to revive its focus on stylish merchandise.

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. Target announced that longtime veteran and current Chief Operating Officer Michael Fiddelke will succeed CEO Brian Cornell on Feb.