Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Michael Fiddelke will become Target's new CEO in February 2026, completing a remarkable 22-year journey from company intern to chief executive.

Target will report fiscal second-quarter earnings before the bell on Wednesday, as investors look for signs that the struggling discounter is getting back on track. Here's what Wall Street expects for the company's most recent three-month period, according to a survey of analysts by LSEG:

Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart. The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke,

I’m a longtime Target shopper, and I found cozy fall home décor for under $30, including wood candlesticks, framed art, and realistic stems. These warm, neutral finds instantly made my space feel more

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back