Target named an insider as its next chief executive officer Wednesday, a decision that comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products.

Target Corp. on Wednesday named Michael Fiddelke as its new chief executive, promoting the company veteran who has served as chief operating officer since February. Fiddelke, 49, will succeed Brian Cornell, who led the Minneapolis-based retailer for 11 years through a period of significant growth and recent challenges.

On his shopping list come Feb. 1, new Target CEO Michael Fiddelke faces a multitude of challenges from making its offer clearer to unwinding the damage from DEI missteps.

Target Corporation's stock dip is more about politics than performance. Explore the potential opportunity under new leadership. Click for more on TGT earnings.

Target Corporation shares fell over 10% premarket on Wednesday after the retailer its new CEO while also reporting second quarter earnings that narrowly beat estimates but showed continuing sales challenges.