Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1. He succeeds Brian Cornell, who helped reenergize the company when he took the helm in 2014 but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic.

American retail giant Target announced that Chief Operating Officer Michael Fiddelke, a longtime employee, will take over as Chief Executive Officer in February next year when the current CEO steps down.