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

Activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats. Misinformation spread on social media that the swimsuits designed for transgender people were marketed to children, which they were not. The company removed them from stores.

Michael Fiddelke, the company’s chief operating officer, will take over as chief executive in February as Brian Cornell transitions to executive chair. The announcement comes at a time Target is trying to emerge from multiple quarters of sales declines.

Companies like Nike and Target are helmed by veterans who got their start at the companies decades ago.

Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

Shares in Target dropped nearly 11% before recovering slightly after the announcement. Mr Cornell, who has been boss for 10 years, had been expected to retire. The appointment of Mr Fiddelke marks a return to Target's tradition of hiring a company insider to lead it.