#CNBC Target names longtime insider Michael Fiddelke its next CEO

Target names longtime insider Michael Fiddelke its next CEO
Target on Wednesday said that company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street’s favor.

Fiddelke, the company’s 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1.

The retailer made the announcement on the same day it reported fiscal second-quarter results. It topped Wall Street’s quarterly sales and earnings expectations, but stuck by a full-year outlook that forecasts another annual sales decline.

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