Target has named Michael Fiddelke as its new CEO, replacing Brian Cornell. Cornell will stand down to become executive chair in February, the company announced Wednesday.
Stacey Widlitz, SW Retail Advisors president, joins 'Squawk Box' to break down Target's quarterly earnings results.
The board unanimously elected COO Michael Fiddelke to succeed Cornell starting February 1.
Michael Fiddelke, Target's current chief operating officer, will replace CEO Brian Cornell on February 1 as the retailer works on its turnaround strategy.
Chief Operating Officer Michael Fiddelke, who will take the top job in February, said the retailer needs to revive its focus on stylish merchandise.
Target has named Michael Fiddelke, its current chief operating officer, as its next CEO. Fiddelke will succeed Brian Cornell on Feb. 1.
Target's struggles continued in its recent quarter, but the retailer said its results "showed encouraging signs of recovery."
Target will report earnings before the bell on Wednesday. The discounter's annual sales have been stagnant for roughly four years and it forecast a sales decline for this fiscal year.
Target's recent Q2 report was disastrous, leading to a sharp decline in the stock. Despite the negative results, there is a basic bullish scenario for Target at long odds. Investing in Target now is a long-shot bet, similar to betting against the house.
Zihahn Ma, Bernstein, joins 'Closing Bell Overtime' to talk what to expect from Target quarterly results.
Target gears up for Q2 earnings with falling sales and profit estimates, as investors weigh digital gains against weak store traffic.
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