Target (NYSE: TGT) taps Michael Fiddelke as next CEO in 2026

Rhea-AI Filing Summary

Target Corporation has announced a planned leadership transition. The Board has appointed Michael J. Fiddelke, currently Executive Vice President and Chief Operating Officer, to become the company’s next Chief Executive Officer and a member of the Board, effective February 1, 2026.

On that date, current CEO Brian C. Cornell will step down from the CEO role and continue as Chair of the Board in an Executive Chair capacity, helping provide continuity. Fiddelke has been with Target since 2004 and has held senior roles including Executive Vice President and Chief Financial Officer and, more recently, Chief Operating Officer. The company plans to disclose the material terms of compensation arrangements related to these transitions after they are approved.

Insights

Corporate governance analyst

Target outlines a planned CEO succession with continuity at the board level.

Target Corporation has set a clear timetable for leadership change, naming Michael J. Fiddelke as the next CEO effective February 1, 2026. He currently serves as Executive Vice President and Chief Operating Officer and previously held the Chief Financial Officer role, indicating deep familiarity with the company’s operations and finances.

Brian C. Cornell will step down as CEO at that time but remain Chair of the Board in an Executive Chair capacity, which can help preserve strategic continuity and support the new CEO. The transition is described as following a “comprehensive succession planning process,” suggesting it is organized rather than abrupt.

The company states that material compensation terms tied to these role changes will be disclosed after approval. Subsequent disclosures will clarify how pay aligns with the new responsibilities for both leaders and may offer additional insight into long-term governance priorities.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 15, 2025

Target Corporation

(Exact name of registrant as specified in its charter)

Minnesota

1-6049

41-0215170

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1000 Nicollet Mall,

Minneapolis,

Minnesota

55403

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (612) 304-6073

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0833 per share

TGT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02             Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 15, 2025, following a comprehensive succession planning process, the Board of Directors (the “Board”) of Target Corporation (“Target”), appointed Michael J. Fiddelke, Target’s current Executive Vice President and Chief Operating Officer, as Target’s next Chief Executive Officer and a member of the Board, effective February 1, 2026. At that time, Brian C. Cornell will step down from his position as Chief Executive Officer and will continue to serve as Chair of the Board in an Executive Chair capacity.

Mr. Fiddelke, 49, has been employed by Target since 2004, most recently as Executive Vice President and Chief Operating Officer (February 2024 to present) and Executive Vice President and Chief Financial Officer (November 2019 to September 2024).

The material terms of the compensation arrangements for Mr. Cornell and Mr. Fiddelke related to these transitions will be disclosed once they have been approved.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			TARGET CORPORATION
Date: August 20, 2025			By:			/s/ Melissa K. Kremer
						Name: Melissa K. Kremer
						Title: Executive Vice President and Chief Human Resources Officer

FAQ

Who will be the next CEO of Target (TGT)?

Target has appointed Michael J. Fiddelke, currently Executive Vice President and Chief Operating Officer, to become its next Chief Executive Officer and a member of the Board.

When will Michael J. Fiddelke become CEO of Target (TGT)?

Michael J. Fiddelke is scheduled to become Chief Executive Officer of Target effective February 1, 2026.

What role will Brian C. Cornell have at Target (TGT) after stepping down as CEO?

On February 1, 2026, Brian C. Cornell will step down as CEO and continue to serve as Chair of the Board in an Executive Chair capacity.

What is Michael J. Fiddelke’s background at Target (TGT)?

Michael J. Fiddelke has been employed by Target since 2004 and has served as Executive Vice President and Chief Operating Officer, and previously as Executive Vice President and Chief Financial Officer.

Will Target (TGT) change executive compensation due to this leadership transition?

Target states that the material terms of the compensation arrangements for Brian C. Cornell and Michael J. Fiddelke related to these transitions will be disclosed once they have been approved.

How did Target (TGT) describe its CEO succession process?

Target described the CEO transition as following a comprehensive succession planning process, indicating an organized approach to leadership change.