Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday. In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.

Activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats. Misinformation spread on social media that the swimsuits designed for transgender people were marketed to children, which they were not. The company removed them from stores.

Companies like Nike and Target are helmed by veterans who got their start at the companies decades ago.

Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,

NEW YORK (AP) — Target named an insider as its next chief executive officer Wednesday, a decision that comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish ...

US retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price.

The retailer is examining its Chicago-area stores to understand how each location is best suited to fulfill online orders, and expects to apply learnings to 40 new markets.

Target’s quarterly sales in 2023 fell for the first time in six years as consumers pulled back on discretionary goods and fierce right-wing backlash to Target’s Pride Month collection took a toll.