India, Aug. 20 -- Target CEO Brian Cornell will step down next year after more than a decade leading the company, as the retail chain faces mounting challenges and works to reverse the sliding sales. His departure comes amid a broader effort to reignite growth and steer the brand through a critical turnaround, as reported by the New York Post.

On Wednesday, the retail chain announced in a press release that its board of directors unanimously elected COO Michael Fiddelk to be the next chief executive officer and become a member of its Board of Directors in early 2026, as reported by The Associated Press. Meanwhile, current CEO Cornwell will shift to the role of executive chair of the board of directors.

Fiddelk, who has served for 20 yea...