Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

In May, McMillon warned of tariff-driven price hikes for a wide range of goods that includes food, toys and electronics. Trump publicly criticized Walmart for saying it would hike prices, calling on the company to “eat the tariffs.”

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,

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

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

Following news that Ulta Beauty is ending its partnership with Target, another retailer has come into view: Warby Parker.

Target promoted insider Michael Fiddelke on Wednesday as its new CEO to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers.