Start the day smarter. Get all the news you need in your inbox each morning. After finishing his tenure as CEO, Cornell will serve as executive chair of Target's board of directors. Target said it will announce its new COO — Fiddelke's successor — "at a later date.

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's chief operating officer, Michael Fiddelke, is set to succeed current CEO Brian Cornell in 2026. Cornell will transition to the role of executive chair of the board of directors. The change of positions announcement comes amid Target's sluggish sales and consumer boycotts.