S hares of Target Corp. slumped 9.4% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

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.

Target names a new CEO and posts quarterly earnings that beat analysts’ forecasts, while Palantir extends losses into a sixth-straight session.

Target shares dropped as more details emerge about the retailer's profits. This comes as Walmart and The Home Depot prepare to report their quarter earnings. Akin Oyedele, a deputy editor at Business Insider,

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

“The stock price reflects that there won’t be change when change is needed,” Gerald Storch, former vice chairman of Target and ex-CEO of Toys R Us, told The Post. “The sales are negative and they are bleeding market share.” Target did not immediately respond to The Post’s request for comment.

The home-improvement retailer boosted its annual outlook, fueling a mode

Explore Target Corporation's financial health and strategy: strong credit quality, CEO transition in 2026, and an attractive 4.3% dividend. Click for my TGT update.