Target CEO to step down amid company struggles

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Target CEO Brian Cornell announced last month he was stepping down in February with current COO Michael Fiddelke taking over the company that has been stuck in a malaise as they attempt to revive its reputation as the place to go for affordable but stylish products.

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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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