Article: Intern to CEO: What Michael Fiddelke’s leadership journey tells us about employee experience

After more than a decade at the helm, Target CEO Brian Cornell will step down in February 2026, transitioning into the role of executive chair. Stepping into his shoes is a familiar face: Michael Fiddelke, a Target veteran who began his career as an intern in 2003. Naturally, the transition has brought the retail giant’s challenges into the spotlight and raised questions about what the new leader will bring to the table.

But beneath it lies a deeper narrative about: employee experience, talent retention, and the kind of workplace culture that can take someone from an intern badge to the corner CEO office.

The transition comes at a critical juncture, as Target has reported eight out of the past ten quarters with flat or declining comparable-store sales and a 21% drop in net income for the quarter ending August 2. Investors have been jittery, and customers are increasingly choosing rivals like Walmart and TJ Maxx.

The outgoing CEO, Cornell, leaves behind a mixed legacy. He revitalized Target in the mid-2010s through private-label expansion, omnichannel investments, and the Shipt acquisition, even repurposing stores as logistics hubs during the pandemic. But recent years have been harder, marked by inflation-driven inventory build-ups, competitive pressures, and controversy around diversity policy rollbacks.

Against this backdrop, the board’s unanimous decision to elevate Fiddelke reflects both continuity and urgency: continuity in promoting a deeply seasoned insider, and urgency in choosing someone already steeped in Target’s operations.

Fiddelke’s leadership path

Over the past two decades, Fiddelke’s leadership journey reads almost like a case study in internal leadership development. He didn’t just move up the ladder—he moved across it. From finance and merchandising to HR and operations, he gained a panoramic view of the organization before taking on senior roles like Chief Financial Officer and Chief Operating Officer.

This wasn’t by accident. It reflects a deliberate leadership philosophy at Target: create opportunities for talent to explore, stretch, and grow across different functions rather than confining them to a single silo.

Fortune had long described him as the heir apparent, citing his broad experience and leadership of enterprise acceleration as proof that he was ready for the top job.

Now, as the incoming CEO, he has pledged to reclaim Target’s merchandising edge, improve in-store experiences with cleaner and better-stocked outlets, and invest in technology across retail and supply chain operations—all crucial levers to win back customers and restore momentum.

You can hear it in his own voice:

What this homegrown leader’s journey tells us about employee experience

Fiddelke’s story is about more than just individual grit. It’s about the ecosystem that enabled it. His leadership journey speaks volumes about Target’s approach to employee experience:

Clarity of Growth Pathways

The fact that Target’s next CEO began as an intern sends a powerful message to employees: growth here isn’t capped, and ambition has room to flourish.

When employees see such real-life examples, career progression feels less like a corporate cliché and more like a tangible possibility.

Retention Through Opportunity

Staying at one company for over two decades, when job-hopping has become the norm in today’s job market, signals that Target not only offered Fiddelke roles, but reasons to stay: fresh challenges, mentorship, and trust.

Cross-Function Learning Opportunities

Very few leaders get to move between finance, HR, merchandising, and operations, and that too within the same organization. Fiddelke’s learning path reflects Target’s rotational development model, a deliberate investment in creating well-rounded leaders.

Interestingly, Fiddelke earned his MBA in Finance while starting out as an intern at Target, a story that perfectly mirrors the company’s belief in growing leaders through learning on the job.

Culture Alignment

Fiddelke is described not only as strategically capable but also “compassionate, open-minded, and driven”, traits valued in Target’s culture.

Homegrown top talent often carries the company’s cultural DNA more naturally than outsiders.

By promoting someone who has lived the culture for decades, Target reinforces continuity and trust among its teams.

Planned Succession

Cornell’s long tenure and Fiddelke’s grooming suggest a culture where leadership pipelines are built intentionally. That stability matters to employees navigating an uncertain industry.

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And the balance

There is, of course, another critical side to Fiddelke’s leadership transition: some argue that promoting a long-time insider risks doubling down on the status quo at a time when disruption may be necessary. Target’s performance woes aren’t trivial, and Fiddelke will be judged on his ability to pair deep institutional knowledge with bold, transformative change. In other words, his leadership will need to prove that “insider” doesn’t have to mean “inflexible.”

Nevertheless, Fiddelke’s rise embodies the potential of a well-crafted internal leadership development system. His trajectory reflects Target’s strong employee development culture, emphasis on retention, and capacity to build trusted leadership from within.

It also underlines that top talent retention cannot be achieved with flashy perks and one-off recognition programs or retention bonuses but through meaningful experiences such as:

A workplace where they feel invested in
A future they can imagine within the organization
Leaders who prove, by example, that long-term growth is possible

Such meaningful experiences turn employees into loyalists and advocates for your employer brand. Look at Fiddelke’s LinkedIn profile, it stands out as a true example, openly sharing his journey and cheering on Target and its workforce.