Target Names New CEO, Tops Forecasts Despite Sales Decline (Connecting the Dots: The Target Corporation, Bud Light & Soros Funding, All Networking)
Michael
Fiddelke to succeed Brian Cornell in 2026 as retailer posts
stronger-than-expected Q2 revenue.
The Epoch
Times
Tom
Ozimek Reporter 8/20/2025|Updated: 8/20/2025
Target Corp.
on Aug. 20 named Chief Operating Officer Michael Fiddelke as its next chief executive
officer, succeeding longtime CEO Brian Cornell, as the retailer reported
quarterly earnings that topped Wall Street estimates despite a sales decline.
Fiddelke,
a 20-year company veteran who previously served as Target’s chief financial
officer, will take over as CEO and join the board on Feb. 1, 2026, the company
said in an Aug. 20 release.
Cornell, who has led the Minneapolis-based retailer since 2014, will move into
the role of executive chair.
“Michael
is the right leader to return Target to growth, refocus and accelerate the
company’s strategy, and reestablish Target’s position as a leader in the highly
dynamic and fast-moving retail environment,” Christine Leahy, lead independent
director of the board, said in a statement.
The
succession marks the end of an era for Cornell, who is widely credited with
steering Target through a major transformation. Under his leadership, the
retailer leaned into its “stores as hubs” model, expanded same-day services
such as Drive Up, and built up a $30 billion portfolio of owned brands. The
board noted that during Cornell’s 11 years at the helm, Target’s revenues grew
by $34 billion, turning it into a $100 billion-plus company.
Cornell
called it a “privilege” to lead Target and said Fiddelke’s “remarkable level of
resolve in the face of complex challenges” and passion for growth would be
critical in shaping the company’s next phase. Fiddelke, who has held leadership
roles across merchandising, finance, operations, and human resources, said he
was stepping into the role with “an urgent commitment to drive growth and
deliver better results.”
The
leadership announcement coincided with the release
of second-quarter financial results. Net sales edged down 0.9 percent to $25.2
billion, while comparable sales declined 1.9 percent. Store sales dropped 3.2
percent, although that was partly offset by 4.3 percent growth in digital
channels, fueled by demand for same-day services.
Profitability
fell more sharply. Net income dropped to $935 million, or $2.05 per share, from
$1.19 billion, or $2.57 per share, in the same quarter a year earlier.
Operating income declined nearly 20 percent to $1.3 billion as higher
markdowns, cancellation costs, and category mix weighed on margins.
Still,
Target’s revenue results surpassed Wall Street expectations, offering a measure
of resilience in the face of challenges. Analysts had forecast quarterly sales
of $24.93 billion, according to data compiled by LSEG. The better-than-expected
top-line performance reflected improved store traffic compared with the first
quarter and broad-based improvements across Target’s six core merchandising
categories. Cornell said the numbers showed “encouraging signs of recovery,”
pointing to stronger sales momentum in stores and disciplined cost management.
During
Cornell’s tenure, Target also navigated significant social and political
headwinds. The company came under
fire in 2023 for selling LGBT-themed apparel and books for children as part of
its annual Pride Month collection. Conservative commentators urged boycotts,
comparing the backlash to the controversy that engulfed Bud
Light
after it partnered
with an influencer who identified as transgender. At one point, Target lost
more than $10 billion in market value as the boycott gained traction. The
company later removed some of the more controversial items, citing employee
safety and threats in stores.
Cornell
defended Target’s diversity, equity, and inclusion (DEI) efforts, telling
Fortune’s “Leadership Next” podcast in 2023 that DEI policies were “good
business decisions” that built engagement with customers and employees. But as
the political and social mood shifted, Target in early 2025 announced
it would wind down several high-profile DEI initiatives, including its racial
equity action and change (REACH) program and external participation in the
Human Rights Campaign’s corporate equality index. Executives said the decision
reflected a need to “stay in step with the evolving external landscape.”
In its
second-quarter earnings report, Target also reaffirmed its full-year financial
outlook. The company continues to expect GAAP earnings of $8 to $10 per share,
or $7 to $9 per share on an adjusted basis, and forecasts a low-single-digit
percentage decline in overall sales for fiscal 2025.
Connecting
the Dots:
George Soros was the chairman for the Foundation to Promote
Open Society.
Foundation to Promote Open Society was a funder for the Committee
for Economic Development.
Stephen W. Sanger
is a trustee at the Committee for Economic
Development and was a director at the Target Corporation.
Bill
& Melinda Gates Foundation was a funder for the Committee
for Economic Development.
Letitia James
is the chair for
the Committee on Economic Development, the Attorney General
of New York and obtained her Juris Doctor degree at Howard
University.
Earl G. Graves is
a trustee at the Committee for Economic Development and a trustee
at Howard University.
Martin D. Payson is
a trustee at Howard University and a co-chair emeritus for
the NAACP Legal Defense & Educational Fund.
Wayman F. Smith
III is a director emeritus at the NAACP Legal Defense &
Educational Fund and was the chairman for Howard University.
Vernon E. Jordan
Jr. is a senior director at the NAACP Legal Defense &
Educational Fund, a trustee at Howard University, an honorary
trustee at the Brookings Institution (think tank) and a director at
the Target Corporation.
Jonathan Soros is a board of director at
the NAACP Legal Defense & Educational Fund and George
Soros’s son.
George Soros is Jonathan Soros’s father
and was the chairman for the Foundation to Promote Open Society.
Foundation to Promote Open Society was a funder for the NAACP
Legal Defense & Educational Fund and the Brookings Institution
(think tank).
Bill
& Melinda Gates Foundation was a funder for the Brookings
Institution (think tank).
James
A. Johnson is an honorary trustee at the Brookings Institution
(think tank) and a director at the Target Corporation.
Solomon D.
Trujillo was a director at the Target Corporation and a
lifetime trustee at the Aspen Institute (think tank).
Bill
& Melinda Gates Foundation was a funder for the Aspen
Institute (think tank).
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank) and the Committee for Economic Development.
George Soros was the chairman for the Foundation to
Promote Open Society.
Stephen W. Sanger
is a trustee at the Committee for Economic Development and was a
director at the Target Corporation.
Bill
& Melinda Gates Foundation was a funder for the Committee
for Economic Development.
Letitia
James is the chair
for the Committee on Economic Development, the Attorney General
of New York and obtained her Juris Doctor degree at Howard
University.
Earl G. Graves is
a trustee at the Committee for Economic Development and a trustee
at Howard University.
Martin D. Payson is
a trustee at Howard University and a co-chair emeritus for
the NAACP Legal Defense & Educational Fund.
Wayman F. Smith
III is a director emeritus at the NAACP Legal Defense &
Educational Fund and was the chairman for Howard University.
Vernon E. Jordan
Jr. is a senior director at the NAACP Legal Defense &
Educational Fund, a trustee at Howard University, an honorary
trustee at the Brookings Institution (think tank) and a director at
the Target Corporation.
Jonathan Soros is a board of director at the NAACP
Legal Defense & Educational Fund and George Soros’s son.
George Soros is Jonathan Soros’s father and was
the chairman for the Foundation to Promote Open Society.
Foundation to Promote Open Society was a funder for the NAACP
Legal Defense & Educational Fund and the Brookings Institution
(think tank).
Bill
& Melinda Gates Foundation was a funder for the Brookings
Institution (think tank).
James
A. Johnson is an honorary trustee at the Brookings Institution
(think tank) and a director at the Target Corporation.
Vernon
E. Jordan Jr. is an honorary trustee at the Brookings
Institution (think tank), a director at the Target Corporation,
a senior director at the NAACP Legal Defense & Educational Fund,
a trustee at Howard University, an honorary trustee at a senior
counsel for Akin, Gump, Strauss, Hauer & Feld, LLP and Valerie
B. Jarrett’s great uncle.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for the Anheuser-Busch
Companies, Inc. (Bud Light).
Daniel R.
Glickman was a senior adviser for Akin, Gump, Strauss, Hauer
& Feld, LLP and is director, Congressional Program for the Aspen
Institute (think tank).
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
George Soros was the chairman for the Foundation to Promote
Open Society.
Bill
& Melinda Gates Foundation was a funder for the Aspen
Institute (think tank).
Solomon D.
Trujillo was a lifetime trustee at the Aspen Institute (think
tank) and a director at the Target Corporation.
James S.
Crown is a trustee at the Aspen Institute (think tank) and
a member of the Commercial Club of Chicago.
Lester Crown was
a lifetime trustee at the Aspen Institute (think tank) and is
a member of the Commercial Club of Chicago.
Valerie B. Jarrett is a
member of the Commercial Club of Chicago, Laura Jarrett’s
mother, Vernon E. Jordan Jr’s great niece and was the senior adviser for
the Barack Obama administration.
Laura Jarrett is Valerie
B. Jarrett’s daughter and joined CNN in September 2016 as a reporter
based in the Washington, D.C. bureau.
Brian
Cornell
https://en.wikipedia.org/wiki/Brian_Cornell
Career
As CEO,
Cornell has been featured by news outlets such as CNN, which described him as Target's
"ace CEO" and crediting him with the business' strong growth in the
2010s.[9] In 2019, Cornell was named CNN's "Business CEO of the
Year"
Walter Isaacson was
the chairman & CEO for CNN and is the president & CEO for
the Aspen Institute (think tank).
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
George Soros was the chairman for the Foundation to
Promote Open Society.
Bill
& Melinda Gates Foundation was a funder for the Aspen
Institute (think tank).
Solomon D.
Trujillo was a lifetime trustee at the Aspen Institute (think
tank) and a director at the Target Corporation.
Daniel R.
Glickman is director, Congressional Program for the Aspen
Institute (think tank) and was a senior adviser for Akin, Gump,
Strauss, Hauer & Feld, LLP.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for the Anheuser-Busch
Companies, Inc. (Bud Light).
Vernon E. Jordan
Jr. is an honorary trustee at a senior counsel for Akin, Gump,
Strauss, Hauer & Feld, LLP, Valerie B. Jarrett’s great uncle, a
trustee at Howard University, a senior director at the NAACP
Legal Defense & Educational Fund, an honorary trustee at the Brookings
Institution (think tank) and a director at the Target Corporation.
Jonathan Soros is a board of director at the NAACP
Legal Defense & Educational Fund and George Soros’s son.
George Soros is Jonathan Soros’s father and was
the chairman for the Foundation to Promote Open Society.
Foundation to Promote Open Society was a funder for the NAACP
Legal Defense & Educational Fund and the Brookings Institution
(think tank).
Bill
& Melinda Gates Foundation was a funder for the Brookings
Institution (think tank).
James
A. Johnson is an honorary trustee at the Brookings Institution
(think tank) and a director at the Target Corporation.
Cyrus F.
Freidheim Jr. is an honorary trustee at the Brookings
Institution (think tank) and a member of the Commercial Club of
Chicago.
Valerie B. Jarrett is
a member of the Commercial Club of Chicago, the senior adviser for
the Barack Obama administration and her great uncle is Vernon E.
Jordan Jr.
Newton N. Minow is
a member of the Commercial Club of Chicago and a senior counsel
at Sidley Austin LLP.
Barack Obama was
an intern at Sidley Austin LLP.
Michelle Obama was
a lawyer at Sidley Austin LLP.
R. Eden Martin is
counsel at Sidley Austin LLP, the president of the Commercial
Club of Chicago and was a trustee at Northwestern University.
Mark A.
Angelson was a partner at Sidley Austin LLP and is a
trustee at Northwestern University.
Charles
W. Douglas is a partner at Sidley Austin LLP, a trustee
at Northwestern University and a member of the Commercial
Club of Chicago.
James S.
Crown is a member of the Commercial Club of Chicago and a
trustee at the Aspen Institute (think tank).
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
George Soros was the chairman for the Foundation to Promote
Open Society.
Bill
& Melinda Gates Foundation was a funder for the Aspen
Institute (think tank).
Solomon D.
Trujillo was a lifetime trustee at the Aspen Institute (think
tank) and a director at the Target Corporation.
Lester Crown was a lifetime trustee at the Aspen Institute (think tank) and is a member of the Commercial Club of Chicago.
Timothy K. Krauskopf is trustee at the Aspen Institute (think
tank) and a trustee at Northwestern University.
A. Steven
Crown is Lester Crown’s son, a member of the Commercial
Club of Chicago and a trustee at Northwestern University.
John A.
Canning Jr. is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Edward M.
Liddy is a trustee at Northwestern University and a
member of the Commercial Club of Chicago.
W.
James McNerney Jr. is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
William M.
Daley was a trustee at Northwestern University, the
chief of staff or the Barack Obama administration and is a member
of the Commercial Club of Chicago.
Lee M.
Mitchell was a trustee at Northwestern University and
is a member of the Commercial Club of Chicago.
Patrick
G. Ryan Jr. is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Gordon I.
Segal was a trustee at Northwestern University and is
a member of the Commercial Club of Chicago.
David B.
Speer was a trustee at Northwestern University and is
a member of the Commercial Club of Chicago.
Louis A.
Simpson was a trustee at Northwestern University and
is a member of the Commercial Club of Chicago.
Deborah
L. DeHaas is a trustee at Northwestern University and
a member of the Commercial Club of Chicago.
Michael
W. Ferro Jr. is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Dennis
J. FitzSimons is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
J. Douglas
Gray is a trustee at Northwestern University and a
member of the Commercial Club of Chicago.
Dean M.
Harrison is a trustee at Northwestern University and
a member of the Commercial Club of Chicago.
Lester B.
Knight is a trustee at Northwestern University and a
member of the Commercial Club of Chicago.
Lawrence
F. Levy is a trustee at Northwestern University and a
member of the Commercial Club of Chicago.
William
A. Osborn is a trustee at Northwestern University and
a member of the Commercial Club of Chicago.
J.B. Pritzker is
a trustee at Northwestern University and a member of the Commercial
Club of Chicago.
Patrick
G. Ryan Jr. is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Morton
O. Schapiro is the president of Northwestern University
and a member of the Commercial Club of Chicago.
Charles
A. Tribbett III is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Frederick
H. Waddell is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
Arnold R.
Weber is the president emeritus for Northwestern University
and a member of the Commercial Club of Chicago.
David B.
Weinberg is a trustee at Northwestern University and
a member of the Commercial Club of Chicago.
Miles D.
White is a trustee at Northwestern University and a
member of the Commercial Club of Chicago.
W.
Rockwell Wirtz is a trustee at Northwestern University
and a member of the Commercial Club of Chicago.
William
Wrigley Jr. II was a trustee at Northwestern University
and is a member of the Commercial Club of Chicago.
Dennis
H. Chookaszian is a member of the Commercial Club of Chicago
and was a trustee at Northwestern University.
Michael Fiddelke
holds an MBA in
Finance from Northwestern University and on Aug. 20 the Target
Corporation named him the next chief executive officer.
Michael
Fiddelke
EVP And
COO at Target
The Org
https://theorg.com/org/target/org-chart/michael-fiddelke
Fiddelke
holds an MBA in Finance from Northwestern University and a BS in Industrial Engineering
from the University of Iowa.
Susan M. Phillips was
a VP for the University of Iowa (UI) and a member of the Federal
Reserve Board.
Daniel K. Tarullo is a member of the Federal Reserve Board and was a senior fellow at the Center for American Progress.
Open Society Foundations was
a funder for the Center for American Progress.
George Soros is the founder & chairman for the Open
Society Foundations, was a supporter for the Center for American
Progress and the chairman for the Foundation to Promote Open
Society.
Foundation to Promote Open Society was a funder for the Center
for American Progress.
Akin,
Gump, Strauss, Hauer & Feld, LLP was a funder for the Center
for American Progress and is the lobby firm for the Anheuser-Busch
Companies, Inc. (Bud Light).
Vernon E. Jordan
Jr. is an honorary trustee at a senior counsel for Akin, Gump,
Strauss, Hauer & Feld, LLP, Valerie B. Jarrett’s great uncle, a
trustee at Howard University, a senior director at the NAACP
Legal Defense & Educational Fund, an honorary trustee at the Brookings
Institution (think tank) and a director at the Target Corporation.
Jonathan Soros is a board of director at the NAACP
Legal Defense & Educational Fund and George Soros’s son.
George Soros is Jonathan Soros’s father and was
the chairman for the Foundation to Promote Open Society.
Foundation to Promote Open Society was a funder for the NAACP
Legal Defense & Educational Fund and the Brookings Institution
(think tank).
Bill
& Melinda Gates Foundation was a funder for the Brookings
Institution (think tank).
James
A. Johnson is an honorary trustee at the Brookings Institution
(think tank) and a director at the Target Corporation.
Solomon D.
Trujillo was a director at the Target Corporation and a
lifetime trustee at the Aspen Institute (think tank).
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
George Soros was the chairman for the Foundation to
Promote Open Society.
Resources:
Past Research
Civil
Rights Activists Call for Target Boycott After Retailer Backs Off DEI (Target,
Walmart, Costco, LGBTQ, Urban League, NAACP & Soros Funding, All
Networking) (Past Research on the Target
Corporation)
Friday,
January 31, 2025
https://thesteadydrip.blogspot.com/2025/01/civil-rights-activists-call-for-target.html
Rep.
Jordan to Letitia James: Comply or Face Subpoena (Connecting the Dots: Judge
Juan Merchan, Letitia James, Alvin Bragg, Matthew Colangelo’s Wife Anne
Kimberly Small, Jonathan Soros, Lisa Gilford, NAACP Legal Defense and
Educational Fund, Laurence Fink, Jerome Powell & Soros Funding, All
Networking) (Past Research on Letitia James & the
Committee on Economic Development)
Sunday,
June 22, 2025
https://thesteadydrip.blogspot.com/2025/06/rep-jordan-to-letitia-james-comply-or.html
The
Anheuser-Busch Foundation (Connecting the Dots: Commission on Presidential
Debates, Anheuser-Busch, Barack Obama, Commercial Club of Chicago & Soros
Funding, All Networking) (Past Research on Anheuser-Busch
(Bud Light))
Wednesday,
February 1, 2023
https://thesteadydrip.blogspot.com/2023/02/the-anheuser-busch-foundation.html
MEDIA
BIAS: CNN Deploys Valerie Jarrett’s Daughter To Cover Trump Justice Department (Past Research on Valerie Jarrett)
Saturday,
March 4, 2017
https://thesteadydrip.blogspot.com/2017/03/media-bias-cnn-deploys-valerie-jarretts.html
Charleston:
CNN’s Sick Pattern of Using the Dead as Political Weapons Against the Right (Past Research on CNN)
Saturday,
June 20, 2015
https://thesteadydrip.blogspot.com/2015/06/charleston-cnns-sick-pattern-of-using.html
ESPN
Analyst: 'Star Spangled Banner' a 'War Anthem,' Shouldn't Be Played Before
Games (Past Research on Northwestern University
& the Commercial Club of Chicago)
Friday,
November 8, 2013
https://thesteadydrip.blogspot.com/2013/11/espn-analyst-star-spangled-banner-war.html
The
Valerie Jarrett Power Matrix - Background research (Past
Research on the Commercial Club of Chicago)
Friday,
December 27, 2013
https://thesteadydrip.blogspot.com/2013/12/the-valerie-jarrett-power-matrix.html
No comments:
Post a Comment