Michael Fiddelke joined Target as an intern while studying for an MBA. He's since worked in merchandising, finance, operations, and human resources.

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.

(Reuters) -Target needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it.

Target ( TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back