Shares of Target Corp. slumped 10.5% 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.

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.

Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on Feb. 1 as the retailer works on its turnaround strategy.