Target Corporation (NYSE:TGT) shares are trading lower in the premarket session on Wednesday. The company reported second-quarter adjusted earnings per share of $2.05, beating the analyst consensus estimate of $2.

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 Corp. is leading the S&P 500 index’s decliners after the discount retailer announced that Chief Executive Brian Cornell is stepping down next year, to be replaced by the company’s Chief Operating Officer Michael Fiddelke.

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 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.

Target Corporation's stock dip is more about politics than performance. Explore the potential opportunity under new leadership. Click for more on TGT earnings.

Michael Fiddelke is scheduled to become the next chief executive officer of Target Corp. on Feb. 1, 2026. He is currently chief operating officer of the retailer and will succeed Brian Cornell, who will transition to executive chair of the board of directors.

Ulta Beauty and Target Corporation have announced they will not renew their popular shop-in-shop partnership when the current agreement expires in August 2026. The collaboration, which began in 2021, brought prestige beauty products to Target stores and allowed customers to link their Ulta Beauty Rewards with Target Circle accounts.