Target’s Stock Plummets 9.8% After CEO Brian Cornell’s Exit Announced
UPDATE: Target Corp.’s stock has plunged 9.8% in premarket trading this morning following the shocking announcement that CEO Brian Cornell will step down after 11 years at the helm. The retail giant revealed that Chief Operating Officer Michael Fiddelke will take over as CEO effective February 1, 2026.
This leadership change comes despite Target exceeding profit and sales expectations in its fiscal second-quarter results, highlighting a significant improvement in store traffic. Investors are reacting strongly, with the stock drop overshadowing the retailer’s otherwise positive financial performance.
Analysts had anticipated a boost from the earnings report, which showed an increase in sales and profits, but the leadership shake-up has shifted focus. The unexpected transition sparks concerns about the company’s future direction under new leadership, prompting a wave of uncertainty among shareholders.
Target has been navigating various challenges, including shifts in consumer shopping habits and external economic pressures, making the timing of this leadership change particularly critical. As the company prepares for a new chapter, stakeholders are left questioning what changes Fiddelke will implement to steer the company forward.
As this story develops, investors and customers alike will be watching closely to see how Target adapts to its new leadership and what strategies Fiddelke will prioritize to maintain and enhance Target’s market position.
More updates are expected as the situation unfolds, and analysts will provide insights into how this change might impact Target’s operations and stock performance in the coming months. Stay tuned for further developments.
