10:13 AM EDT, 08/20/2025 (MT Newswires) -- (Updates with stock movement in the headline and second paragraph)

Target ( TGT ) said Wednesday its board has elected Chief Operating Officer Michael Fiddelke to succeed Brian Cornell as chief executive, effective Feb. 1.

Target ( TGT ) shares were more than 8% lower in recent trading.

Fiddelke will also join the board, while Cornell will become executive chair on the same date, the company said.

Fiddelke and Cornell will work together to support a smooth transition, Target ( TGT ) said.

Christine Leahy, lead independent director, said the board conducted a CEO succession process for several years, including "an extensive external search and assessment of many strong candidates."

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