Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart. The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke,

Nekima Levy Armstrong, Monique Cullars-Doty, and Jaylani Hussein all helped organize a national boycott of Target in February, which comes after the retailer dropped a series of diversity initiatives following the return of Donald Trump to the White House.

Chief operating officer and former chief financial officer, Michael Fiddelke, will take over from Brian Cornell as boss of the retailer in February.

Michael Fiddelke, Target's current chief operating officer, will succeed Brian Cornell as chief executive officer, the company said in a release. Cornell, who has served as the company's CEO since 2014, will step down and Fiddelke will take over the role on Feb. 1, 2026.

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

In May, McMillon warned of tariff-driven price hikes for a wide range of goods that includes food, toys and electronics. Trump publicly criticized Walmart for saying it would hike prices, calling on the company to “eat the tariffs.”

Target announced it was replacing CEO Brian Cornell with 20-year company veteran Michael Fiddelke, and shares plunged.

Following news that Ulta Beauty is ending its partnership with Target, another retailer has come into view: Warby Parker.

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