Target's board unanimously appointed Michael Fiddelke to replace current CEO Brian Cornell, who has led the company since 2014. Cornell will officially step down in February. Here's what this is likely to mean for Target and its stock.

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.

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.