Who Is The New Target Ceo, Michael Fiddelke?

Michael Fiddelke is Target's new CEO.

Elizabeth Flores/The Minnesota Star Tribune via Getty Images

• Michael Fiddelke will be Target's new CEO, the struggling retailer has announced.
• He joined the company as a finance intern in 2003 and has been with the company ever since.
• He previously worked in merchandising and HR, and has been CFO and COO.

Target's new CEO, Michael Fiddelke, is the latest intern to rise to the top job.

The struggling retailer said Wednesday that Fiddelke, the chief operating officer, would succeed Brian Cornell in February — more than 20 years after Fiddelke joined as an intern.

Fiddelke, 49, worked at Deloitte for three years after graduating from the University of Iowa with a degree in industrial engineering in 1999.

However, he gave up a career at the Big Four firm to pursue an MBA at Northwestern University's Kellogg School of Management, during which he joined Target as a finance intern.

He got his first permanent position as an analyst in the financial unit in 2004.

Since then, he's worked for Target's merchandising, finance, operations, and human resources, the company said. He was chief financial officer from 2019 to 2024, when he became chief operating officer.

Target

In that role, Fiddelke was tasked with overseeing Target's nearly 2,000 stores throughout the US, including leading its global supply chain network, fulfillment services, network capacity planning, enterprise operations, and delivery services.

In addition to his corporate responsibilities, Fiddelke sits on the boards of the Minnesota Children's Museum and Shipt, a personal shopping and delivery service owned by Target.

When the company announced its first-quarter results in May, it said Fiddelke would lead a "multi-year Enterprise Acceleration Office" tasked with delivering $2 billion of efficiencies across the company, which has lost out to rivals as more customers have shifted to budget alternatives like Walmart.

Fiddelke addressed a group of summer interns two months ago. "I remember how it felt to be in their shoes—curious, hopeful, and ready to soak it all in," he wrote on LinkedIn.

He said his advice was, "Be relentlessly curious. Slow down and ask questions. Embrace feedback. And make the most of the moment by making connections at Target and with your fellow interns."

Target has been struggling, and Fiddelke said it has 'work to do'

Fiddelke will assume the role on February 1, when CEO Cornell steps down to be executive chair of the board.

"We have work to do to reach our full potential," Fiddelke said in a statement about his appointment.

"Now's the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum," he continued.

In an interview with The Wall Street Journal published after his appointment was announced, Fiddelke said, "We've got to get back to growth. That is mission 1, 2, 3, 4, 5. We haven't had enough of it over the last few years. We know that. I know that."

Analysts were skeptical that an internal hire would address Target's problems. Its stock was down more than 10% in premarket trading on Wednesday.

Fiddelke told Wednesday's second-quarter earnings call, "I'm stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth."

Cornell told the call that, since arriving at Target, he had "relied on Michael's strategic insights and sound judgment when making decisions."

"Through a wide range of career experiences, Michael has developed a deeper knowledge of business and greater insight into our organization than anyone I know," Cornell added.