Target’s Bullseye Miss Leads To Leadership Change

Target’s Bullseye Miss Leads To Leadership Change

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Target is going through some hard times. Sales are down, stock prices are falling, and the company is working hard to get back on track. Today’s leadership shakeup could mark the first step in a new direction for one of Minnesota’s most iconic retailers.

Since 2014, Target has been led by CEO Brian Cornell. Under his leadership, the company navigated the pandemic, rolled out one of the most efficient pick-up services in the industry, and forged partnerships that introduced new experiences inside stores across Minnesota and beyond.

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Minnesota's Target Faces Major Changes in Leadership

But the company also faced controversy. In recent years, Target dealt with backlash over decisions related to diversity, equity, and inclusion (DEI) policies. Those changes sparked boycotts and created division among shoppers, leaving Target’s brand image damaged in some circles.

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Target’s financial challenges began long before the DEI debates. According to recent reports, net sales were down around 1% compared to the year before. Stock prices have also tumbled, falling nearly 33% in the past year alone. Since 2020, shares are down about 30% overall, despite temporary rebounds in 2021.

For a company that has been a household name across Minnesota for generations, these numbers represent a troubling trend.

A New Leader at The Helm

With Cornell stepping down, Target’s Board of Directors has named longtime executive Michael Fiddelke as the company’s new CEO. Fiddelke, who has been with Target for 20 years, most recently served as COO and helped lead many of the company’s biggest projects.

In a press release, Fiddelke said, “I am eager to refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience. And to be clear, we have work to do to reach our full potential.”

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Shoppers across Minnesota and the country will be watching closely to see if this leadership change helps the red bullseye brand bounce back.

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Filed Under: Minnesota, target
Categories: Minnesota Lifestyle