Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

Target TGT-N +0.39% 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.

What started as a summer placement in Target’s finance department two decades ago has turned into the top job for Michael Fiddelke. His advice for Gen Z interns? "Slow down and ask questions. Embrace feedback.

That news overshadowed fiscal second-quarter results that beat profit and sales expectations, amid a meaningful improvement in Target’s store traffic. “It is clear that Michael is the right leader to return Target to growth,

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.

After Target faced backlash for eliminating some of its DEI programs, the company is replacing its CEO as sales continue to lag.