Who is the new Target CEO, Michael Fiddelke? He’s taking the top job after joining as an intern more than 20 years ago.

Target’s new CEO Michael Fiddelke is the latest intern to work his way up to the top job.

The struggling retailer announced Wednesday that Fiddelke, currently chief operating officer, would succeed Brian Cornell in February, more than 20 years after he joined as an intern.

Fiddelke, 49, worked at Deloitte for three years after graduating from the University of Iowa with a degree in industrial engineering in 1999.

However, he gave up a career 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, the company said. He was chief financial officer from 2019 to 2024, when he became chief operating officer.

In that role, 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.

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 addressed a group of summer interns two months ago. “I remember how it felt to be in their shoes—curious, hopeful, and ready to soak it all in,” he wrote on LinkedIn.

He added his 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.”

Target has been struggling, and Fiddelke said it has ‘work to do’

Fiddelke will assume the role on February 1, when CEO Cornell steps down to be executive chair of the board.

“We have work to do to reach our full potential,” Fiddelke said in a statement announcing his appointment.

“Now’s the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum,” he continued.

In an interview with The Wall Street Journal published just after his appointment was announced, Fiddelke said, “We’ve got to get back to growth. That is mission 1, 2, 3, 4, 5. We haven’t had enough of it over the last few years. We know that. I know that.”

Analysts were skeptical that an internal hire would address Target’s problems. Its stock was down more than 10% in premarket trading on Wednesday.

In addition to his corporate responsibilities, Fiddelke sits on the boards of the Minnesota Children’s Museum and Script, a personal shopping and delivery service owned by Target.

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