Target announced Michael Fiddelke, its current COO, as the next CEO, effective February 1st. He replaces Brian Cornell, who becomes executive chairman. This follows a recent sales slump and lowered full-year sales outlook. Fiddelke aims to revitalize Target's brand image, improve customer experience, and leverage technology for efficiency. Despite exceeding quarterly earnings expectations, Target's stock dropped 10% premarket following the announcement, reflecting Wall Street's initial preference for an external CEO candidate.

Prepared by Christopher Adams and reviewed by editorial team.