00:00Target is counting on a company veteran to revive its magic as it struggles to
00:04compete with rivals like Walmart. Target says chief operating officer and 20-year
00:08company veteran Michael Fidelke will become CEO February 1st. He succeeds
00:13Brian Cornell who helped energize the company when he took the helm in 2014.
00:17However, he struggled to turn around weak sales in a more competitive retail
00:20landscape since the COVID pandemic. Target has been the focus of consumer
00:24boycotts since late January when it scaled back on corporate diversity,
00:28equity, and inclusion initiatives. Although Walmart retreated from its
00:31diversity initiatives first, organizers have said they view Target's action as
00:35a greater betrayal because the company promoted itself as a champion of
00:39inclusion. Target's sales have languished as customers turn to department store
00:43chains like TJ Maxx in search of lower prices.
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