Shares of Nasdaq listed Target Corporation plunged 11% in opening trade hitting a low of $94.15 after the company said that its board has unanimously elected Chief Operating Officer Michael Fiddelke to succeed Brian Cornell as Chief Executive Officer and become a member of its Board of Directors.

The week’s biggest news for Wall Street is likely arriving on Friday, when Federal Reserve Chair Jerome Powell will give a highly anticipated speech in Jackson Hole, Wyoming. The setting has been home to big policy announcements from the Fed in the past, and the hope on Wall Street is that Powell will hint that an interest rate cut is coming soon.

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.

Cornell replaced former CEO Gregg Steinhafel, who stepped down nearly five months after Target disclosed a huge data breach in which hackers stole millions of customers’ credit- and debit-card records. The theft badly damaged the chain’s reputation and profits.

Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

Target announced in a press release Wednesday that its board of directors unanimously appointed COO Michael Fiddelke to be the next chief executive officer, while current CEO Cornell will move into the role of executive chair of the board of directors.

In addition to announcing its Q2 2025 results, Target also revealed that it would be getting a new CEO. The company announced that its current CEO, Brian Cornell, will be stepping down from the role in February 2026. On February 1, its new CEO, Michael Fiddelke, will take the reins. Cornell has been Target’s CEO since 2014.

We recently published 12 Latest Stocks On Jim Cramer’s Radar. Target Corporation (NYSE:TGT) is one of the stocks Jim Cramer recently discussed. Target Corporation (NYSE:TGT) is one of the largest retailers in America,