Target’s longtime CEO Brian Cornell is stepping down after 11 years at the helm as the retailer posts its third straight quarter of losses. The announcement comes after Target’s decision to roll back its diversity, equity and inclusion programs, which sparked backlash, boycotts and a 3% drop in store traffic.
Cornell will step down in February, at which time he will move into an executive chair role. His successor is COO Michael Fiddelke.
But Wall Street isn’t buying it. Target stock tumbled more than 10% today, leaving shares down more than 23% for the year, while Walmart and Costco posted gains.
Analysts warn that keeping leadership in-house may not fix the company’s slump, which has been fueled by tariff pressures, shrinking consumer spending and backlash over dropping DEI programs.
Target was once the darling of retail turnarounds. The question now: Will shoppers come back?
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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