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- Target CEO to step down as sales remain sluggish</p>
<p>MAX ZAHNAugust 21, 2025 at 12:26 AM</p>
<p>Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday.</p>
<p>In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.</p>
<p>Michael Fiddelke, who currently serves as chief operating officer, will assume the role of CEO on Feb. 1. Cornell will become executive chair of the company's board of directors.</p>
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<p>"With 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 said in a statement on Wednesday.</p>
<p>"Michael brings a deep understanding of our business and a genuine commitment to accelerating our progress," Cornell added.</p>
<p>The announcement came as the company reported slow sales over a three-month period ending in August. Sales dropped slightly compared to the same period a year earlier, though revenue picked up from the previous quarter. Net income, meanwhile, plunged 21%, the company said.</p>
<p>In a statement, Cornell acknowledged a "challenging retail environment," but he touted "encouraging signs of recovery, including improved traffic and sales trends."</p>
<p>"As we enter the critical back-to-school and holiday seasons, our team remains focused on consistent execution and building momentum as we look ahead to the new year," Cornell said.</p>
<p>Image Group La/The Walt Disney Company via Getty Images, FILE - PHOTO: In this Aug. 25, 2019, file photo, Brian Cornell, CEO of Target, is shown speaking at an event at the Anaheim Convention Center in Anaheim, Calif.</p>
<p>Shares of Target fell nearly 8% in early trading on Wednesday.</p>
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<p>The retail giant, which operates nearly 2,000 stores, has struggled to grow sales and outperform competitors in the aftermath of a pandemic-era shopping boom.</p>
<p>Speaking on an earnings call on Wednesday, Chief Commercial Officer Rick Gomez said the company is negotiating prices with suppliers and other partners in an effort to stave off tariff-related price increases.</p>
<p>"What we've said, and continues to be our position, is that we'll take price as a last resort, but our commitment is to offer everyday good value and to have competitive pricing as we think about going forward," Gomez said.</p>
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Source: "AOL Money"
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