Michael Fiddelke has served as CFO since 2019. Photo courtesy of Target Corp.

Target’s CFO is becoming COO.

On Thursday morning, the Minneapolis-based retailer announced that Michael Fiddelke will become chief operating officer effective Feb. 4. He’s served as Target’s chief financial officer since 2019, and has been with the company for two decades.

A press release issued Thursday noted that Fiddelke will still serve as CFO until a replacement is announced. Fiddelke “brings a diverse set of experiences and an end-to-end view of our business that will benefit Target and our continued growth well into the future,” said Target chair and CEO Brian Cornell in the release.

Fiddelke’s duties as COO will include overseeing Target’s nearly 2,000 stores, global supply chain network, and fulfillment services like Shipt, among a host of other responsibilities.

As CFO, Fiddelke is a familiar voice for those who have tuned into Target’s earnings calls over the last few years. He steered the retailer’s finances through a turbulent time at the onset of Covid-19. Contrary to scores of other businesses, Target’s early years in the pandemic were marked by huge jumps in revenue as consumers stockpiled goods. But that momentum has slowed down as customers pulled back on spending amid mounting inflation.

The company is still attempting to right the ship, and 2024 will be a crucial test. Target’s 2023 third-quarter results, released in November, sent investors mixed messages: The company reported a 36% year-over-year jump in net income while its revenue fell 4.3%.

“One of our top priorities this year was to rebuild our profitability following the unique challenges we faced in 2022,” Cornell told investors at the time. “And while there’s lots more work ahead of us, I’m really pleased with the progress the team has delivered so far this year. At the same time, I want to make it clear: We are not satisfied with the top line trends we’ve been seeing.”

The company’s top priority, he said, was to return to “sustainable growth in both traffic and sales”

Meanwhile, Target on Thursday announced a couple other small leadership changes in its merchandising department. Chief food and beverage officer Rick Gomez’s title will change to chief food, essentials, and beauty officer. Jill Sando, who currently serves as chief merchandising officer, will also see a title change and become chief merchandising officer of apparel and accessories. Gomez and Sando will continue to report to chief growth officer Christina Hennington.

Target said those changes reflect the “size, scale, and complexity of its multi-category merchandise portfolio.”