Wall Street had hoped the big box retailer would hire someone from outside the company. Target's stock is down about 60% since 2021.

As Target announces a new CEO, the retailer is reporting declines in revenue and operating income. As shares tumble 10% their DEI pullback & tariffs are dragging on sales

By Siddharth Cavale and Juveria Tabassum (Reuters) -Investors panned Target's choice of insider Michael Fiddelke as CEO on Wednesday, viewing the 20-year company veteran as unlikely to fix the retailer's myriad issues that have resulted in years of stock-market underperformance.