Target veteren Michael Fiddelke has been appointed as the new CEO of the American retailer.
According to media reports, the board of directors of the company announced that chief operating officer Fiddelke will replace outgoing CEO Brian Cornell, who is stepping down after over 10 years. Cornell will now serve as the executive chairman of the company.
The announcement of the appointment of the new CEO was made during the company's Q2 earnings call. He will assume the role of CEO and join the board of directors on February 1.
Fiddelke completed his Bachelor of Science (BS), Industrial Engineering from Iowa and MBA from Northwestern University - Kellogg School of Management.
Fiddelke has been with Target for over 20 years. He joined the company as an intern. Over the years, he held a variety of leadership positions across the organization, including finance, merchandising, human resources and operations.
His LinkedIn profile reads thus: "As chief operating officer, and previously chief financial officer, he has overseen investments to build and scale the company’s stores, supply chain, digital capabilities and team, which enabled exponential growth across the business. Michael also spearheaded Target’s enterprise efficiency efforts, enabling the company to improve profitability and to fuel areas of innovation and growth."