Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

For one, shoppers have made a massive flight to lower prices, which Walmart has more of, as low- and high-income consumers alike protect their pocketbooks. Walmart’s size and cash also give it the advantage in handling e-commerce deliveries more quickly and ensuring that things people want are on the shelves.

Target CEO Brian Cornell is stepping down after 11 years at the retailer, as the company faces slumping sales and backlash to its retreat on DEI.

Fiddelke, an Iowa native and University of Iowa graduate, has been with Target since 2003, starting as an intern. Investors reacted negatively to the appointment, causing Target's shares to drop over 6%. An Iowa native and University of Iowa graduate will be the new top executive of Target, one of the nation's largest retail chains.

Brian Cornell is stepping down from his role as CEO of Target as the beleaguered retailer struggles with declining sales, new costs from tariffs, and backlash over its reversal on DEI policies -- a move that is being cheered by those on the left who have criticized the company.

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

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

US retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price. The leadership change comes as rising prices and uncertainty over the knock-on effects of US tariffs have raised concerns over the impact on consumer spending,