Shares of U.S. retail chain Target, one of the country’s most popular among the Hispanic community, were down more than 10% in pre-market trading after announcing its latest business results and a new chief executive officer today.
In its second-quarter results, even as Target’s stock falls, the retailer beat Wall Street’s earnings and sales expectations and reaffirmed its outlook Wednesday, but the company’s declining sales and traffic at its stores and website has had more of an impact on investor sentiment.
Target shares fall
Minneapolis-based retail chain Target also announced the appointment of a new chief executive officer.
Target’s new chief executive officer will be the former chief operating officer, Michael Fiddelke, who will assume the position on February 1, 2026.
He will replace current CEO Brian Cornell, 66, who will become executive chairman of Target’s board of directors.
“Following the board’s unanimous decision to appoint Michael Fiddelke as Target’s next CEO, I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth,” Cornell noted in a statement.
According to CNBC, in a conference call with reporters, Fiddelke, 49, described his two decades at the company as “an asset.”
In addition, he said he is aware of what the large distributors must do and what they must recover, and announced that he does not intend to wait until February to make changes.
He also noted that the cornerstones of his performance will be to re-establish Target’s reputation as a retailer with stylish and unique items.
As well as providing a more consistent customer experience and using technology more effectively to operate an efficient business.
I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth
Brian Cornell, Target executive
