Target shares tanked 7% after it tapped a longtime insider as its new chief executive – sorely disappointing investors who had hoped the struggling “cheap chic” retailer would lure a retail guru from ...

Target has been in a deep slump for years, mostly due to its own strategic missteps.

Start the day smarter. Get all the news you need in your inbox each morning. After finishing his tenure as CEO, Cornell will serve as executive chair of Target's board of directors. Target said it will announce its new COO — Fiddelke's successor — "at a later date.

Longtime Target Corp. CEO Brian Cornell will step down in February after more than a decade guiding the Minneapolis-based retailer through major changes.