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The front of a Target store.
The company made the announcement Wednesday, following continued struggles to keep up with retailers like Walmart and TJ Maxx.
Target's CEO will step down after more than a decade leading the retail giant.
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Brian Cornell had been expected, CNN reports. Michael Fiddlke, the company's current chief operating officer, will take over as CEO on February 1, 2026. Fiddelke began with Target as an intern 20 years ago.
The outlet reports that Cornell will continue with the company as its executive chairman.
Cornell stepped into the CEO role in 2014. He oversaw the remodeling of the stores and built up a more robust online service to compete with Amazon.
However, recently, Target has struggled against competitors like Walmart, TJ Maxx, and others.
Related: These 34 major companies caved to Trump and rolled back DEI programs
The change hasn't been welcomed by some analysts who say Target's issue is ingrained within the company.
“This an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” Neil Saunders, who is an analyst at GlobalData Retail, said Wednesday, according to CNN. “Target, which used to be very attuned to consumer demand, has lost its grip on delivering for the American shopper.”
Target had been targeted by boycotts and protests after it receded in its DEI programs earlier this year, after it cut back on its Pride collections over the last couple of years. The company previously openly supported Pride Month in June with Pride merchandise around its store.
Related: These 25 major companies still have DEI practices
Target issued a memo in January announcing the end of its three-year DEI goals, including its Racial Equity Action and Change (REACH) program and "all external diversity-focused surveys, including HRC’s Corporate Equality index.” The Human Rights Campaign effort, which provides benchmarks on corporate policies relevant to LGBTQ+ employees, previously gave Target a score of 100, dubbing the company a “Leader in LGBTQ+ Workplace Inclusion."
The end of DEI programs and LGBTQ+ inclusivity initiatives marked a significant shift for the Minnesota-based company, which once withstood protests from hate groups over its inclusive bathroom policies and Pride displays. However, the change was not sudden, as Target pulled some of its Pride Month merchandise in 2023 amid threats and violent protests in stores.
Target executives said that the decision to end DEI programs was "due to changes in the landscape" — a nod to the Trump Administration, which took a hard stance against DEI in its first weeks by signing executive orders firing government employees and rescinding 1960s civil rights protections.
CNN notes that the company also had more progressive customers than its competitors. Target has acknowledged that the reaction over its DEI and Pride rollbacks negatively affected its business.
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