Target ( TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.

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.

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 has selected a lifelong employee as its next CEO in a bid to revive sales as shoppers turn to the retail giant’s competitors. After more than two decades at,

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