Target’s new CEO, Michael Fiddelke, is the latest intern to rise to the top job.

The struggling retailer said Wednesday that Fiddelke, the chief operating officer, would succeed Brian Cornell in February — more than two decades after Fiddelke joined as an intern.

“I’ve been fortunate to serve in a broad range of roles and functions over my 20 years here,” Fiddelke said during Target’s quarterly earnings call Wednesday. “I’ve learned from every one of these experiences, with each giving me a deeper appreciation for the specific ways that Target is special and strategically distinct in a crowded retail landscape.”

Fiddelke, 49, worked at Deloitte for three years after graduating from the University of Iowa with a degree in industrial engineering in 1999.

However, he gave up a career at the Big Four firm to pursue an MBA at Northwestern University’s Kellogg School of Management, during which he joined Target as a finance intern.

He got his first permanent position as an analyst in the financial unit in 2004.

Since then, he’s worked for Target’s merchandising, finance, operations, and human resources, the company said. He was chief financial officer from 2019 to 2024, when he became chief operating officer.

In that role, Fiddelke was tasked with overseeing Target’s nearly 2,000 stores throughout the US, including leading its global supply chain network, fulfillment services, network capacity planning, enterprise operations, and delivery services.

In addition to his corporate responsibilities, Fiddelke sits on the boards of the Minnesota Children’s Museum and Shipt, a personal shopping and delivery service owned by Target.

When the company announced its first-quarter results in May, it said Fiddelke would lead a “multi-year Enterprise Acceleration Office” tasked with delivering $2 billion of efficiencies across the company, which has lost out to rivals as more customers have shifted to budget alternatives like Walmart.

Fiddelke said on Wednesday that his work with this office has given him a fresh perspective on where the company is now and how it needs to grow.

Addressing a group of summer interns two months ago, Fiddelke’s advice was, “Be relentlessly curious. Slow down and ask questions. Embrace feedback. And make the most of the moment by making connections at Target and with your fellow interns.”

Target has been struggling, and Fiddelke said it has ‘work to do’

Fiddelke will assume the role on February 1, when CEO Cornell steps down to be executive chair of the board.

“We have work to do to reach our full potential,” Fiddelke said in a statement about his appointment.

“I know we’re not realizing our full potential right now, and so I’m stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth,” Fiddelke said on the earnings call.

Fiddelke also laid out a three-part strategy to get Target back on track, including a renewed focus on a “style and design North Star,” an elevated and consistent shopping experience, and stronger investments in technology throughout the organization.

“The only path that works long-term in retail is one that’s built on the back of growth, and so that becomes me and my team’s sole focus as I step into the job,” he said.

Analysts were skeptical that an internal hire would address Target’s problems. Its stock was down more than 10% in premarket trading on Wednesday.

Cornell told the call that, since arriving at Target, he had “relied on Michael’s strategic insights and sound judgment when making decisions.”

“Through a wide range of career experiences, Michael has developed a deeper knowledge of business and greater insight into our organization than anyone I know,” Cornell added.