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.

After more than a decade at the helm, Target CEO Brian Cornell is stepping down, leaving a big gap to fill. The company's board has chosen a familiar face to lead the next chapter: Michael Fiddelke. Fiddelke's promotion to Target CEO is a story of internal ...

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.

Company veteran Michael Fiddelke is slated to take the helm at Target as the retailer contends with sluggish sales and a slumping stock price.

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,