Summary
Target has named Michael Fiddelke as its new chief executive to help turn around its declining sales and share price. Fiddelke, who has been with Target for 20 years, will take over from Brian Cornell in February. The change in leadership comes as Target faces challenges like rising prices and tough competition from companies like Amazon and Walmart.
Key Facts
- Target appointed Michael Fiddelke as its new chief executive.
- Fiddelke has been with Target for 20 years and is currently the chief operating officer.
- He will replace Brian Cornell, who has been CEO for 10 years.
- Target's sales have been declining due to rising prices and competition.
- The company's shares dropped 11% after the announcement but later recovered slightly.
- Fiddelke plans to improve product quality and use more technology in the business.
- Target's share price has been stagnant since a drop at the start of the year.
- Target faced backlash and sales declines after ending diversity, equity, and inclusion targets.
