Target’s new CEO, Michael Fiddelke, is the latest intern to rise to the top job.
The retailer announced in August that Fiddelke — currently the chief operating officer — would succeed Brian Cornell on February 1, more than two decades after Fiddelke joined as an intern.
“I’ve been fortunate to serve in a broad range of roles and functions over my 20 years here,” Fiddelke said at the time. “I’ve learned from every one of these experiences, with each giving me a deeper appreciation for the specific ways that Target is special and strategically distinct in a crowded retail landscape.”
Fiddelke, 49, grew up in Iowa, where his first job was waking up before dawn to do chores on the family farm. After graduating from the University of Iowa with a degree in industrial engineering in 1999, he got a job with Deloitte.
He later left his role at the Big Four firm to pursue an MBA at Northwestern University’s Kellogg School of Management, during which he joined Target as a finance intern.
He got his first permanent position as an analyst in the financial unit in 2004.
Since then, he’s worked for Target’s merchandising, finance, operations, and human resources. He was chief financial officer from 2019 to 2024, when he became chief operating officer.
In that job, Fiddelke was tasked with overseeing Target’s nearly 2,000 stores throughout the US, including leading its global supply chain network, fulfillment services, network capacity planning, enterprise operations, and delivery services.
In addition to his corporate responsibilities, Fiddelke sits on the boards of the Minnesota Children’s Museum and Shipt, a personal shopping and delivery service owned by Target.
When the company announced its first-quarter results in May, it said Fiddelke would lead a “multi-year Enterprise Acceleration Office” tasked with delivering $2 billion of efficiencies across the company, which has lost out to rivals as more customers have shifted to budget alternatives like Walmart.
Fiddelke said in August that his work with the acceleration office has given him a fresh perspective on where the company is now and how it needs to grow.
Addressing a group of summer interns two months ago, Fiddelke’s advice was, “Be relentlessly curious. Slow down and ask questions. Embrace feedback. And make the most of the moment by making connections at Target and with your fellow interns.”
Fiddelke says his top priority is getting Target ‘back to growth as quickly as possible’
In the quarter following his announcement, Fiddelke has wasted no time setting in motion several key strategies aimed at improving the company’s performance.
Even though he won’t officially assume the role until February 1, when CEO Cornell steps down, Fiddelke led Target’s third-quarter earnings call.
“We’re far from satisfied with our current results, and we won’t be satisfied until we’re operating at our full potential,” he said.
On the call, he said Target will increase its annual capital expenditures from $4 billion to $5 billion to invest in remodeling and refreshing its store fleet, including the biggest changes to its merchandise assortment and floor plans that the company has seen in nearly a decade.
The company also announced a partnership with OpenAI to include a Target shopping app in ChatGPT that will allow shoppers to order multiple items for pickup or delivery using simple conversational language.
In addition, Fiddelke led the testing of a new way for stores in a common geography to fulfill e-commerce orders, which rolls out to 35 more markets this year.
The moves are part of Fiddelke’s three-part strategy to get Target back on track, including a renewed focus on a “style and design North Star,” an elevated and consistent shopping experience, and stronger investments in technology throughout the organization.
Analysts have been skeptical that an internal CEO hire would address Target’s persistent problems, as well as the highly influential role that Cornell could play as executive chairman.
Cornell told the analyst call on Wednesday that he is focused on supporting Fiddelke’s transition.
“While we’re not there yet, I’m confident we’re on the right path, and Michael is the right person to lead the next chapter of Target’s growth,” he said.
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