Brian Cornell, the CEO of Target, will be stepping down after 11 years leading the giant. The company is currently embattled by backlash to DEI removal, leading to slumping sales.
According to CNN Business, Cornell will be replaced by Feb. 1, 2026. While he is departing from the CEO seat, he will remain with the company as an executive chairman.
Earlier this year, Target ended DEI programs, which angered shoppers due to the brand’s previous investment in said initiatives.
Target reported disappointing first-quarter earnings in May, falling short of Wall Street expectations and slashing its full-year outlook. The results come amid growing concerns over consumer backlash tied to the company’s retreat from its diversity, equity, and inclusion (DEI) initiatives earlier this year, along with the potential impact of renewed Trump-era tariffs.
On a media call, CEO Brian Cornell and other executives repeatedly declined to confirm whether rising prices directly result from tariffs. “Pricing is a very dynamic part of our business,” Cornell said, emphasizing that price adjustments happen weekly. He added that Target is exploring ways to soften the impact of cost increases, including shifting more sourcing to U.S. suppliers instead of relying on Chinese imports.