Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

On his shopping list come Feb. 1, new Target CEO Michael Fiddelke faces a multitude of challenges from making its offer clearer to unwinding the damage from DEI missteps.

Target has named Michael Fiddelke, its current chief operating officer, as its next CEO. Fiddelke will succeed Brian Cornell on Feb. 1. He will step into the role as the big-box retailer tries to win back both customers and investors after years of stagnant sales and steep market share losses.