Target shares dropped as more details emerge about the retailer's profits. This comes as Walmart and The Home Depot prepare to report their quarter earnings. Akin Oyedele, a deputy editor at Business Insider,

S hares of Target Corp. slumped 9.4% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

The news the retail industry has been anticipating for months was finally announced on Wednesday: Target CEO Brian Cornell is finally stepping down after 11 years at the helm and will be replaced by his operations chief Michael Fiddelke in February.

Target Corporation (NYSE:TGT) shares are trading lower in the premarket session on Wednesday. The company reported second-quarter adjusted earnings per share of $2.05, beating the analyst consensus estimate of $2.

“The stock price reflects that there won’t be change when change is needed,” Gerald Storch, former vice chairman of Target and ex-CEO of Toys R Us, told The Post. “The sales are negative and they are bleeding market share.” Target did not immediately respond to The Post’s request for comment.

Target faces headwinds, including sliding sales and a declining stock price. Incoming CEO Fiddelke said he aims to invest in technology and create more consistency for shoppers.

The stock market dipped on Wednesday, driven by a decline in tech stocks and Target announcing the appointment of a new CEO

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,