Michael Fiddelke will take the helm as Target’s CEO and join its board of directors in February, more than 20 years after starting his career with the retail giant as an intern.
Fiddelke currently serves as chief operating officer for the Minneapolis-based retailer.
He will succeed longtime CEO Brian Cornell Feb. 1, 2026, after the company’s board unanimously elected him to the role, Target announced Wednesday.
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“Like so many families, the Fiddelke house spends a lot of time at Target,” Fiddelke said in a video shared on the retailer’s website. “I’ve watched my kids grow up here. … I’ve grown up at Target, too. I can tell you that the intern that walked through those doors down the road 22 years ago wouldn’t have predicted a Target path that leads to today.”
Fiddelke first joined Target as an intern in 2003, having previously worked at Deloitte Consulting LLP for three years. He earned a bachelor’s degree in industrial engineering from the University of Iowa and an MBA from Northwestern University, according to Target.
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Over his decades-long tenure, he has served in a range of roles at Target, including in merchandising, operations, finance and human resources, according to the retailer.
From 2019 to 2024, before becoming COO, Fiddelke served as chief financial officer. As COO and CFO, he has led investments that expanded Target’s stores, supply chain, workforce and digital capabilities that drove significant growth, according to the company.
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In his current role as COO, 49-year-old Fiddelke oversees nearly 2,000 Target stores and its global supply chain, enterprise operations and fulfillment services.
He also serves on the board of Shipt, a same-day delivery company that Target acquired in 2017.
Additionally, the company in May announced Fiddelke would spearhead an Enterprise Acceleration Office to deliver more than $2 billion in efficiencies.
“There is no one better suited to move Target forward than Michael Fiddelke,” Cornell said in a statement. “He brings a remarkable level of resolve in the face of complex challenges, a deep passion for growth and a natural ability to inspire those around him to define what’s next.”
Cornell, 66, is stepping down after more than a decade at Target’s helm, wrapping up the three-year commitment he made in 2022 to remain CEO. That year, Target’s board did away with its mandatory retirement age of 65, allowing Cornell to stay on during a pivotal period for the company as it worked to revive traffic and growth.
Target did not immediately respond to FOX Business’ request for comment.
FOX Business’ Daniella Genovese contributed to this report.
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