Target's Brian Cornell Resigns as Sales Dive and DEI Boycotts Intensify

Target CEO Brian Cornell will resign from his long-held role, transitioning to executive chairman effective February 1, 2026, amid a backdrop of declining sales and controversy following the company's rollback of its DEI initiatives. Over his 11-year tenure, Cornell has witnessed numerous challenges, including the recent announcement of Target's third consecutive quarter of falling sales—a troubling trend reflected in the company’s underperformance on the S&P 500. He will be succeeded by current COO, Michael Fiddelke, who Cornell described as the ideal choice to rekindle growth. Target's recent cessation of several DEI programs ignited backlash from customers and internal advocates, leading to boycotts that particularly affected Black consumers. Analysts express concern that the leadership transition won't resolve deep-rooted issues. Neil Saunders of GlobalData Retail noted that Target struggles to connect with modern consumer demand. Fiddelke acknowledges the need for improvement, aiming to refresh merchandise and enhance customer experience, yet skepticism remains prevalent among industry observers.

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