New Delhi, Aug. 20 -- Target Corp. named Michael Fiddelke as its next chief executive officer in a bid to revive their business as the company struggles to compete with rivals like Walmart.

Target bets that Fiddelke, who currently serves as chief operating officer, will be key to turn things around for the storied retailer struggling with weak sales.

The company said on Wednesday that its board unanimously voted to make Michael Fiddelke the new Target CEO starting February next year.

Fiddelke is replacing Brian Cornell, who has been leading the retailer since 2014, as he begins to focus on his role as executive chair.

Target shares slumped as much as 11 per cent in early trading on Wednesday, indicating that the Wall Street wanted an ...