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.

Target shares are down 10% on Wednesday morning after the company reported Q2 results and operational updates. The stock had been climbing recently as investors anticipated confirmation of a long-term turnaround. Instead, the report sent shares below the critical $100 level and the stock’s 50-day moving average.

As Target announces a new CEO, the retailer is reporting declines in revenue and operating income. As shares tumble 10% their DEI pullback & tariffs are dragging on sales

Target's Q2 earnings beat estimates, but profitability remains under pressure with declining margins and net income down over 20%. Click for my TGT update.

Target's choice to name insider Michael Fiddelke as its new CEO in an effort to turn around the struggling retailer was met with a negative reaction from the stock market, as investors viewed the 20-year company veteran as unlikely to fix the company's myriad issues.

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

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,

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.

Target stock plunges 10% as the company names new CEO, forecast repeated, and investors doubt retail turnaround.