Target names Michael Fiddelke CEO effective Feb. 1; Brian Cornell becomes Executive Chair
Target's board-approved leadership transition took effect February 1, 2026, with Michael J. Fiddelke becoming Chief Executive Officer and a board member, and Brian C. Cornell stepping down as CEO to serve as Executive Chair. The filing details pay for both executives, which shareholders can use to gauge the cost of the change, though it reports no change in financial results.
Key points
- Fiddelke: base salary of $1.30 million, 200% target annual cash incentive, and stock awards with a $12.1 million target payout value, granted in March 2026
- Cornell: base salary of $1.12 million, 200% target annual cash incentive for fiscal 2026, and a March 2026 restricted stock unit award with a $6.0 million present value
- Cornell will no longer be entitled to severance under Target's Income Continuation Plan and is anticipated to serve as executive chair or special advisor until March 13, 2027
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 05, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.