Longtime Target Corp. CEO Brian Cornell will step down in February after more than a decade guiding the Minneapolis-based retailer through major changes. Michael Fiddelke, 49, Target’s current chief operating officer,

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

Longtime Target leader Brian Cornell exits as CEO; Michael Fiddelke steps in with a turnaround strategy to revive sales and restore growth.

Chief Operating Officer Michael Fiddelke, who will take the top job in February, said the retailer needs to revive its focus on stylish merchandise.