Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

Target CEO Brian Cornell, who helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic, plans to step down Feb. 1. Minneapolis-based Target Corp.

Nekima Levy Armstrong, Monique Cullars-Doty, and Jaylani Hussein all helped organize a national boycott of Target in February, which comes after the retailer dropped a series of diversity initiatives following the return of Donald Trump to the White House.

Chief operating officer and former chief financial officer, Michael Fiddelke, will take over from Brian Cornell as boss of the retailer in February.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Target needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it.

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

In May, McMillon warned of tariff-driven price hikes for a wide range of goods that includes food, toys and electronics. Trump publicly criticized Walmart for saying it would hike prices, calling on the company to “eat the tariffs.”

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.