Target CEO to step down amid company struggles

MINNEAPOLIS (AP) — Target has named an insider as its next chief executive officer.

The announced on Wednesday comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products.

Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1.

The board of directors chose Chief Operating Officer Michael Fiddelke to succeed him.

Target has struggled to find its footing since inflation caused pinched shoppers to curtail their spending.

Customers have complained of messy stores with merchandise that didn’t reflect the expensive-looking but budget-priced niche that earned the retailer the nickname “Tarzhay.”