In an executive suite shakeup, Target Corp. announced that Michael Fiddelke is shifting from the CFO to the COO role and that the company is making changes in its merchandising and legal leadership.
Brian Cornell, Target chair and CEO, acknowledged in the company’s November 15, 2023, third-quarter conference call that its comparable sales had slipped 4.9%.
“Consistent with prior quarters and overall industry trends, discretionary categories were the driver of this decline, partially offset by net sales growth in our frequency categories,” he said.
In addition to the other executive moves, Target announced the retirement of chief legal and compliance officer Don Liu.
Fiddelke has been Target CFO since 2019. As COO, Fiddelke will oversee the retailer’s store portfolio, global supply chain network, fulfillment services, including same-day delivery with Shipt, network capacity planning, enterprise operations, the teams responsible for building and remodeling Target stores and other facilities, and flight services. Until the company names a replacement, Fiddelke will continue to serve as Target CFO.
Gomez started with Target in 2013 and joined the company’s leadership team in 2017. Sando began her career with Target in 1997 and joined its leadership team in 2020. Gomez and Sando will continue reporting to Christina Hennington, Target’s chief growth officer.
The company has begun a search for Liu’s successor and expects to provide an update on his replacement later this year. Then, Liu will transition to a strategic advisor role until 2025.
In announcing the executive changes and Fiddelke’s appointment as COO, Cornell said, “With his 20 years with the company, spanning roles across our business and most recently as our chief financial officer, Michael brings a diverse set of experiences and an end-to-end view of our business that will benefit Target and our continued growth well into the future. I look forward to working alongside him as our new chief operating officer and appreciate his ongoing commitment as chief financial officer until his successor is named.”
