Target appoints Michael Fiddelke, a company veteran, as its next CEO

Target reported Wednesday that company veteran Michael Fiddelke will become its next CEO. The decision was made known on the same day that it presented its earnings for the second quarter.

Fiddelke, currently chief operating officer and previously chief financial officer, will take over from Brian Cornell on Feb. 1. The company specified that Cornell, who has led the retailer since 2014, will move to serve as executive chairman of the board.

The company noted that its quarterly sales and profit beat Wall Street forecasts, although it maintained an annual projection that anticipates a further decline in sales.

According to CNBC, Target's shares retreated nearly 10% in pre-market trading following the announcement of the new CEO and the release of the company's earnings.

In that regard, Fiddelke stated during a conference call with reporters that he is "stepping in with urgency to rebuild momentum and return to profitable growth."

It was also revealed that his three priorities are: regaining Target's prestige as a retailer of distinctive products, delivering a more uniform customer experience and leveraging technology more efficiently.

"We’ve built a solid foundation, and we’re proud of the many ways that Target is unique in American retail," Fiddelke highlighted.