American retail giant Target announced that Chief Operating Officer Michael Fiddelke, a longtime employee, will take over as Chief Executive Officer in February next year when the current CEO steps down. Profit has slumped for four consecutive quarters as cash-strapped shoppers have complained about messy stores and a move away from Target’s signature mix of higher-end products at budget prices. Anne Gaviola has this story and more in Business Matters for Thursday Aug. 21, 2025.