Target’s struggling sales have led to a major shake-up at the company’s top leadership. In a move that aims to boost growth, CEO Brian Cornell will step down early next year after over 13 years in charge. His successor, Chief Operating Officer Michael Fiddelke, will assume the role of CEO on February 1. The decision comes as Target reported slow sales over a three-month period ending in August, with net income plummeting 21% compared to the same period last year. Despite acknowledging a challenging retail environment, Cornell expressed confidence in Fiddelke’s leadership abilities and focus on driving improved results and sustainable growth. Shares of Target fell nearly 8% in early trading on the news. The company is struggling to outperform competitors after a pandemic-era shopping boom. To mitigate rising prices, Chief Commercial Officer Rick Gomez said the company is negotiating with suppliers to avoid tariff-related price increases.
Source: https://abcnews.go.com/Business/target-ceo-step-sales-remain-sluggish/story?id=124806356