Good morning. There’s more executive turnover in the Fortune 500.
During the earnings call on Wednesday, Cornell said the board chose Fiddelke through a “deliberate and thoughtful” succession planning process over several years. The board evaluated his qualifications alongside a “strong list” of both external and internal candidates, he said.
Fiddelke said on the call that he’s eager to step into a role at a company he loves, but admitted, “I know we’re not realizing our full potential right now.” He called for a “clear and urgent commitment” to build new momentum and return to profitable growth.
I asked Shawn Cole, president and founding partner of executive search and consulting firm Cowen Partners, for his assessment of the internal hire. After 20 years at Target, Cole said Fiddelke was the safe and easy choice.
“Executive searches take time, and Target clearly wanted continuity over disruption,” he said. “When a brand is already struggling, boards often look inward for someone who knows the playbook, culture, and politics. The downside is exactly what we saw in the market reaction: investors were hoping for fresh eyes.”
“In this environment, with economic headwinds, tariffs, and margin pressure, the CFO seat has become a real launchpad,” Cole said. CFOs today are strategic operators with boardroom presence, and Fiddelke’s time as COO is significant, a traditionally strong source for CEOs.
What does Cole think Fiddelke must do to earn stakeholders’ trust? “He’s got to prove he’s not just another insider keeping the status quo alive,” he said. “Employees need to see culture and innovation tackled, investors want a turnaround story, and customers want excitement about shopping at Target again. If he plays defense, the market won’t forgive him.”
He added: “Bold moves are necessary, but former CFOs often tend to play it safe.”
