The Target Corporation announced that Brian Cornell is stepping down as the CEO of the retail giant after 11 years, and the company’s stock value plummeted as a result.
Cornell will be replaced by Michael Fiddelke, who is the current chief financial officer, in Feb. 2026. Some analysts blamed the company’s downturn on lingering effects from the coronavirus pandemic as well as online competitors.
Target shares are down 28% since the start of the year and in the negative by 61% since their all-time high in late 2021.
The company was valued at about $48 billion before the news hit, and the stock price immediately plummeted by 11%, or $5.3 billion in market capitalization. It has since recovered slightly.
Some on social media tried to blame the downfall of Target on the company’s recent rejection of diversity, equity, and inclusion policies. Many companies that have dropped their DEI policies have been boycotted by left-wing activists in an attempt to economically pressure them back toward progressivism.
“Target publicly told Black people they don’t want their business anymore and their sales plummeted so bad they had to fire their CEO …” read one popular tweet.
“Costco kept DEI initiatives and they are still full, Target folded and sales dropped, now CEO is stepping down,” said another online user.
RELATED: Equity activists are outraged that ‘white guilt’ has run out after Disney, Netflix, and other companies force out DEI chiefs
“It cost Target nothing to be inclusive. But it’s costing them tons of dollars, market share and the CEO has lost his job because they decided to reverse course on inclusiveness. Nicely done,” read another popular missive.
Others said the slump came after Target “caved” to the whims of President Donald Trump.
However, Target shares are down 28% since the start of the year and in the negative by 61% since their all-time high in late 2021.
Fiddelke was first hired at Target as an intern and has been with the corporation for 20 years.
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