Target’s woke CEO Brian Cornell resigned on Wednesday amid declining sales.
Brian Cornell resigned after 11 years at Target and will be replaced by the company’s COO Michael Fiddelke.
The retail giant’s stock was down 10% on Wednesday – shares are down 22% this year.
In 2016, Target faced boycotts after it allowed biological men in women’s restrooms and fitting rooms.
In 2024, Target was forced to dial back its LGBTQ merchandise after a major boycott over its ‘pride’ collection for children.
CNN reported:
Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.
Cornell’s departure was widely expected. Some industry analysts believed Target should bring in an outside voice to lead the company, but it opted for an internal candidate: Cornell will be replaced on February 1, 2026, by Michael Fiddelke, Target’s current chief operating officer. Fiddelke started as an intern at Target and has been at the company for 20 years.
Fiddelke was chosen from a “strong list of external and internal candidates,” Cornell said on a call with analysts Wednesday, adding that he is the “right candidate to lead our business back to growth.”
Cornell will stay on as executive chairman. He took over in 2014 and revitalized Target, overseeing a strategy to remodel stores and strengthen the chain’s online business to compete with Amazon.
More on this developing story from CNBC:
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