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Target's recently-crowned CEO is undergoing trial by fire. Michael Fiddelke, formerly COO, replaced Brian Cornell in February this year. His appointment was announced in August 2025, in the midst of a slump from which Target (NYSE: TGT) has yet to recover. (1)

Many view the appointment as an attempt to reverse Target's downhill slide. Target's stock has slumped more than 50% since its lofty pandemic peaks (2), customer traffic to the store has declined for four straight quarters (3), and margins have thinned (4) since pre-pandemic highs. (5)

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As Fiddelke takes center stage, analysts and investors are eager with anticipation. It seems Target's future hinges on fresh leadership. The question on everyone's lips: can he return Target to its glory days?

Fiddelke's appointment last August was met with strong skepticism.

"We have very mixed feelings about this appointment," said Neil Saunders, managing director of research firm GlobalData (6). "While we think Fiddelke is talented and has a somewhat different take on things… this is an internal appointment that does not necessarily remedy the problems of entrenched group think and the inward-looking mindset that have plagued Target for years."

Analysts were especially skeptical of Fiddelke's insider status. As Wells Fargo analysts put it:

"[Target] has stumbled recently with customer mis-steps, merchandising issues, poor employee morale, execution, and competitive pressures. The time seemed right for a new set of eyes and ideas; either the company disagreed or could not find a high profile executive to take on the challenge." (7)

Some industry experts blamed Fiddelke specifically for Target's decline. "Target went to hell — and he has to be guilty of some of that," said Mark A. Cohen, a past director of retail studies at Columbia University and former Sears top executive. (8)

The consensus seemed to be that Target needed an outsider to come in and shake things up. Fiddelke, an employee of 20 years — who started as an intern — was far from an outsider. (9)

The market appeared to agree with analyst sentiment. It responded to Fiddelke's appointment by dropping Target stock 10% premarket and the stock ended the day down 6%. (10) The message was clear: if Fiddelke wanted Wall Street's approval, he would have to earn it.

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Since his tepid welcome, Fiddelke has made a series of much-approved changes to Target.

In a 2025 memo to employees, the incoming CEO revealed the company would be laying off 1,800 employees to speed up decision-making. (11) Analysts approved the move. As CFRA analyst, Arun Sundaram, put it, "[The cuts demonstrate that] Fiddelke is willing to make decisive, and potentially uncomfortable, moves early in his tenure." (12)

Changes continued into Fiddelke's first two weeks of CEO tenure, when the company announced 500 additional job cuts and, perhaps more importantly, changes to leadership. Two executives left the company; promotions were awarded to a former chief guest officer and the former chief merchandising officer for food, essentials, and beauty. (13)

Analysts seemed to approve. Jeffries analysts called the new appointments "directionally positive." (14) The appointments followed the heels of a Board shakeup where Fiddelke replaced multiple members of Target's board of directors.

Positive analysts were rewarded during Target's fourth-quarter earnings call. On March 3, the stock had its highest close in a year (15), ending the quarter up 6.7% in response to a series of announcements. (16) Fiddelke highlighted "positive sales growth" in February. (17)

The framing was that of an iconic company making a comeback. Big changes were afoot. Investors would see "more change to what we sell and how we sell it than you've seen in a decade," Fiddelke said. (18)

Investors would be wise to hold Fiddelke accountable to his team's forecasts.

During fourth-quarter earnings, Target forecasted a 2% increase in 2026 net sales compared to the year prior. (19) That would be a strong signal Fiddelke and his team are drumming up interest in the retailer's products — interest that has diminished since its 'Tar-zhay' glory days.

On the call, Fiddelke said the company would be leaning into its strengths in the Beauty and Home departments specifically. (20) Executive VP Cara Sylvester promised a 75% overhaul of decorative accessories by June, the relaunch of home-brand Threshold this summer, and the introduction of Target Beauty Studios into 600 stores this fall.

The team also promised no synthetic colors in any of the cereal Target sells by May.

Fiddelke's tenure is in its early stages, but he and his team have already made a handful of promises worth keeping an eye on. If he can follow through, that will go a long way toward establishing confidence in Target's new CEO.

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Target Corporate (1),(4),(5),(9),(17),(19),(20); Yahoo Finance (2),(3),(12),(14); Investing.com (6); Retail Dive (7); The Washington Post (8); WWD (10),(16),(18); Reuters (11); Star Tribune (13); Schaeffer's Research (15)

This article originally appeared on Moneywise.com under the title: 'Target went to hell' — and the man tasked with saving it started there as a summer intern 20 years ago

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