Leadership Transition at Target Amidst Sluggish Sales
Target CEO Brian Cornell plans to step down in February 2024, with COO Michael Fiddelke taking over. Fiddelke faces challenges, including sluggish sales and increased competition. His priorities include improving merchandising authority, enhancing the shopping experience, and investing in technology. Cornell had previously revitalized Target’s brand and operations.
Target Corporation is undergoing a significant leadership change as Brian Cornell, the CEO credited with revitalizing the company, is set to step down on February 1, 2024. Michael Fiddelke, the current Chief Operating Officer, will succeed Cornell as the new CEO.
Cornell's departure comes as Target struggles with declining sales in a highly competitive retail environment. Fiddelke, a 20-year veteran of Target, has been instrumental in overhauling the company's supply network and expanding its stores and digital services. He announced his plans to reclaim Target's merchandising authority, improve the shopping experience, and enhance the company's technology.
Despite recent challenges, including a 21% drop in net income and consumer boycotts affecting sales, Fiddelke remains optimistic about regaining Target's reputation for offering stylish products at affordable prices.
(With inputs from agencies.)
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