On his shopping list come Feb. 1, new Target CEO Michael Fiddelke faces a multitude of challenges from making its offer clearer to unwinding the damage from DEI missteps.

Michael Fiddelke, Target's COO and longtime executive, has been named CEO after two decades at the retailer. He succeeds Brian Cornell as the company tackles falling sales, weaker traffic and increasing competition.

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.