Retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price, reports BBC News.
The effects of U.S. tariffs have raised concerns about consumer spending across all U.S. retailers, especially for discretionary products such as apparel and electronics.
CEO Brian Cornell, who has been in the position for 10 years, and was expected to retire, will be replaced in February 2026 by Michael Fiddelke, the company's chief operating officer, who has been with the company for 20 years.
Shares in Target fell more than 6% on August 20, after the announcement. Fiddelke said in a statement that the company has "work to do," and needs to move "faster, much faster." He also pledged to improve the quality of products on offer and to embed more technology in the business.
Target has seen poor sales in the past year, losing out to competition from Amazon and Walmart.
Its share price dropped considerably at the start of the year and has been stagnant since.
In his first media call as incoming chief executive, Mr Fiddelke said his "number one goal is to get us back to growth".
In May, Target slashed its expectations for the year after a sharp fall in sales which it blamed on a "highly challenging environment" created by the introduction of trade tariffs, while the company also faced a backlash following a decision to end diversity, equity and inclusion (DEI) targets.
