Summary
Target's CEO Brian Cornell is stepping down after 11 years, and Michael Fiddelke, the company's Chief Operating Officer, will take over on February 1. Target is experiencing slow sales and struggling with its image as a stylish yet affordable retailer. The company's board chose an insider to lead during this challenging time, hoping to improve sales and customer experience.
Key Facts
- Brian Cornell will step down as Target's CEO on February 1.
- Michael Fiddelke, the Chief Operating Officer, will become the new CEO.
- Target is facing slow sales partly due to inflation affecting customer spending.
- The company has nearly 1,980 stores in the U.S.
- There have been consumer boycotts related to changes in Target's diversity initiatives.
- Target's stock price fell over 8% after announcing Fiddelke's appointment and recent sales results.
- Target has seen flat or declining sales for nine out of the last 11 quarters.
- Fiddelke plans to focus on better merchandising, customer experience, and technology investments.
