S hares of Target Corp. slumped 9.4% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

Target Corporation announced that CEO Brian Cornell decided to step down in February 2026 after an 11-year tenure. His service period was marked by both a remarkable turnaround and a recent

Target's Q2 earnings beat estimates, but profitability remains under pressure with declining margins and net income down over 20%. Click for my TGT update.