The target promoted only one internal CEO, and entrusted it with the task of turning the company between sale and reduction of foot traffic.
Target Announced On Wednesday, his chief operating officer (COO), Michael Fedelke, will take over as the Chief Executive Officer (CEO) in February 2026. The current CEO of the company, Brian Cornell, who has been in this role for 11 years, will retire this month.
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Cornell said in A, “It is no better than it is to advance the target beyond Michael Fooddelke.” News release. “He solves a significant level of complex challenges, a deep spirit of development, and the natural ability to encourage people around him to explain it.”
According to Business InternalTarget has reported comparative sales in six of the past nine, or reduction in stores and digital channels sales Quarters. Wednesday, target Described In its recent quarter, ending July 31, the comparison sales declined by 1.9 %.
Michael Fedelky, the new CEO of the target. Elizabeth Flores/Minnesota Star Tribune Photo by Getty Images
Pedestrian traffic to target stores has also decreased, decreasing Year by year 3.9 % In June and the target of the target is More than 28 % Year by date, the company’s market is shaking around the value .6 44.6 billion At the time of writing
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According to him, Fedelki joined the target in 2003 as an interns and has been with the company since then. Biode The target on the corporate website. As COOs, it guided investment to build and grow stores and company digital footprints.
Turning plans for fedlyke’s target
During the target Quarter income call On Wednesday, Fiddelke acknowledged that the company “is not yet recognizing our full potential” and said it was taking the role of the CEO with a clear and immediate commitment to “returning profitable growth” and “building a new pace”.
On the call, Fedelke identified a three -part plan for the target to retrieve a profitable growth.
First, he said that the target is to “re -establish” the presence of its trade through unique products in categories such as costumes, home, and food and drinks. Fedelke emphasized that the company has a billion 31 billion private label portfolioExplaining that the portfolio shelf of the brands can be a way to bring a new way.
“We need to re -claim this trade options,” said Fedelke on the income call.
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Second, Fedelke wants users “to find a sense of happiness” whenever they step into the target. It entrusted the company to provide a “high experience” with well -stocked shelf and clean stores.
“We have to improve our experience, especially in the consistency of our experience,” said Fedelke.
Finally, Fedelke said that the target should be tapped in technology and AI to predict the team fast and accurately sales, making its business and guest experience more efficient.
“Our performance in the past few years is not acceptable in the last few years,” he added, “Fedelke said,” We have the real work in front of us. “
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