Target CEO Brian Cornell will step down after more than a decade leading the retailer, as the company grapples with falling sales and criticism over its rollback of diversity, equity and inclusion initiatives, according to multiple outlets. 

CNN reported that Cornell’s departure had been anticipated by many industry watchers. While some believed an outside hire could bring a fresh perspective, Target chose to promote from within. On February 1, 2026, Cornell will be succeeded by Michael Fiddelke, the company’s current chief operating officer, who began his career at Target as an intern 20 years ago. 

Cornell described Fiddelke as the “right candidate to lead our business back to growth,” noting he was selected from both external and internal contenders. Cornell will remain at the company as executive chairman. Since taking over in 2014, he led a successful turnaround, modernizing stores and strengthening e-commerce to compete with Amazon. 

Despite past successes, Target has struggled more recently. The company reported its third consecutive quarterly sales decline this week, with shares dropping 10% in premarket trading. Target’s stock has been among the weakest in the S&P 500 this year. This week, Ulta also announced it would be ending its partnership with the retailer due to a drop in patronage. 

Although the company is moving in a new direction, some social media users have said that a Black woman may be tapped to ultimately right the retailer’s winding path. 

“Leaving this here… for when they appoint a new black female CEO,” one X user said. 

Another user commented: “Let me guess, black CEO to the rescue, huh?” 

This alludes to the far and recent pattern of Black women saving corporations by demonstrating exceptional leadership and strategic vision, often during times of company crises or transformation. For example, Ursula Burns, who made history as the first Black American woman to lead a Fortune 500 company when she became CEO of Xerox in 2009. Under her tutelage, Xerox underwent a significant transformation, shifting its focus from a document technology company to a services-oriented business, increasing its revenue streams and market reach. 

This leadership shakeup at Target comes amid an unrelenting drop in sales, namely because of Black patrons’ commitment to abstaining from shopping from the brand. 

The decision to end many of its DEI programs angered many customers and even members of the founding Dayton family, who called the decision “a betrayal.” The move was especially egregious because, unlike some competitors, Target had integrated DEI into its identity, making the retreat especially controversial among its customer base.