The Target Corporation announced that Brian Cornell is stepping down as the CEO of the retail giant after 11 years, and the company’s stock value plummeted as a result.
Cornell will be replaced by Michael Fiddelke, who is the current chief financial officer, in Feb. 2026. Some analysts blamed the company’s downturn on lingering effects from the coronavirus pandemic as well as online competitors.
Target shares are down 28% since the start of the year and in the negative by 61% since their all-time high in late 2021.
The company was valued at about $48 billion before the news hit, and the stock price immediately plummeted by 11%, or $5.3 billion in market capitalization. It has since recovered slightly.
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Some on social media tried to blame the downfall of
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