As it tries to turn around a drop in sales and its stock price, the US retail behemoth Target has named a new CEO. The leadership transition coincides with growing concerns about the impact on consumer spending, especially for Target’s discretionary categories like clothing and electronics, as a result of increased costs and uncertainty around the ripple effects of US tariffs.
In February, Michael Fiddelke will succeed Brian Cornell as the company’s chief operating officer. Mr. Fiddelke has twenty years of experience with the organization. Following the announcement, Target’s shares fell by almost 11% before somewhat increasing. After ten years in charge, Mr. Cornell was supposed to retire.
With Mr. Fiddelke’s nomination, Target has resumed its practice of appointing an insider to run the company. The first outsider to ever hold the position of top manager was Mr. Cornell.
The corporation has “work to do” and needs to go “faster, much faster,” according to a statement made by Mr. Fiddelke. He promised to incorporate more technology into the company and raise the caliber of the products offered.
Target is well-known for its reasonably priced clothing as well as its extensive selection of inexpensive toys, gadgets, groceries, and home goods. However, due to competition from Amazon and Walmart, its sales have been negative over the past year.
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