Fiddelke, a Target veteran, became CEO Sunday (Feb. 1), according to the report.
He assumed that role after a year in which Target shares dropped 28% while the S&P 500 Index rose 16%, the report said.
During the town hall, Fiddelke said the company will invest in in-store experiences, make its merchandise easier to find online, create a distinctive assortment and experience, and add more merchandise for busy families, per the report.
In a message from the CEO posted on Target’s website Monday (Feb. 2), Fiddelke said the retailer’s four priorities are merchandising that brings together design, style and value, “in a way only Target can;” a guest experience that makes store visits and digital interactions “easier, more inspiring and welcoming;” technology that removes friction and helps create better experiences for guests; and investments in the retailer’s team members to build future-ready skills.
“Our guests want great design, real value and experiences that delight,” Fiddelke said in the message. “That’s where Target has always been at its best, and it’s what grounds the important work in front of us now.”
Target announced in August that Fiddelke would become its new CEO, replacing Brian Cornell, who would become executive chair of the company’s board. Fiddelke has been with Target for 20 years and was most recently the company’s chief operating officer.
“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” Christine Leahy, lead independent director of Target’s board, said at the time in a press release.
During an earnings call held the same day the leadership transition was announced, Fiddelke said he would step into the role of CEO “with a clear and urgent commitment to building new momentum in the business” and that part of that strategy lies with continued investment in digital operations.
“So, we’re investing to deploy the power of AI more fully across our team, freeing them up to spend more time bringing joy to our guests,” Fiddelke said.