Wall Street stunned as boss of one of America's biggest retailers quits amid sales slump

A retail behemoth is prepping its C-suite for a new top boss. 

Target announced that its longtime CEO, Brian Cornell, is stepping down from his position. 

He led the retailer for 11 years. His final day will be January 31, 2026.  

Cornell's decision to step down was widely anticipated among retail analysts, who had been debating whether the company would tap an insider or bring in a fresh face as its successor. 

Target decided to promote from within its ranks, dubbing Michael Fiddelke, the current chief operating officer, as its next boss. 

But Wall Street is clearly disappointed, with Target's stock losing more than ten percent in pre-market trading. 

Analysts are also confounded. 

'To be perfectly blunt, leaders at Target have not been leading,' Neil Saunders, a retail expert at GlobalData, told the Daily Mail. 

'In our view, there needs to be a significant change in the boardroom to restore confidence and get Target back on track.'