Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on Feb. 1 as the retailer works on its turnaround strategy.

Target CEO Brian Cornell is stepping down next year after over a decade at the helm as the embattled retailer undertakes a high-stakes turnaround effort aimed at reigniting growth and reversing sliding sales.

Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

Target needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it.

Shares for the Minneapolis-headquartered company dropped more than 10 percent after Target made the announcement.

The chief operating officer, who will take the top job in February, said the retailer needs to revive its focus on stylish merchandise.

Target promoted insider Michael Fiddelke on Wednesday as its new CEO to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers.