Michael J. Fiddelke Appointed as New CEO of Target Corporation

Details

Fiddelke as its new Chief Executive Officer, effective February 1, 2026. Fiddelke, previously the Chief Operating Officer, will receive an annual base salary of $1.30 million, an annual cash incentive opportunity of 200% of base salary, and stock-based awards with a target payout value of $12.1 million. Brian C. Cornell, the outgoing CEO, will transition to the role of Executive Chair of the Board and will receive an annual base salary of $1.12 million and a fiscal year 2026 annual cash incentive opportunity of 200% of base salary. Cornell will also be granted restricted stock units with a present value of $6.0 million in March 2026.

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About Target Corporation

Target Corporation is a major American mass-market retailer known for offering a broad assortment of general merchandise and food products to consumers. Originally founded in 1902 and headquartered in Minneapolis, Minnesota, Target operates a wide network of large-format stores across the United States, in addition to its robust e-commerce platform. Target's primary function is to provide customers with a highly curated selection of quality products at competitive prices, spanning categories such as apparel, home goods, electronics, and groceries. The company is notable for its focus on style and value, branding itself as "Expect More. Pay Less." Target Corporation impacts various sectors, prominently influencing retail, supply chain logistics, and consumer behavior trends with significant market strategies such as private label offerings and exclusive designer collaborations. Holding a considerable share of the retail market, Target plays a critical role in shaping the competitive landscape, balancing between robust in-store experiences and investments in digital transformation to meet evolving consumer demands. Its influence extends to the broader retail economy, often serving as a bellwether for consumer spending patterns and retail sector health.