Michael Fiddelke, currently chief operating officer, will take over in February 2026.

Target CEO Brian Cornell is stepping down. His resignation comes as the retailer struggles with weak sales amid increased competition.

Cornell helped reenergize the company when he took the helm in 2014, but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic.

The Minneapolis-based retailer said on Aug. 20 that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1.