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Fortune

Phil Wahba

New Target CEO Michael Fiddelke is putting candor at the core of his turnaround plan

Michael Fiddelke Target Fortune

(Credit: Bryan Bedder/Getty Images for Target)

In today’s CEO Daily: Phil Wahba interviews new Target CEO Michael Fiddelke.
The big leadership story: Berkshire Hathaway CEO Greg Abel is putting his salary into company stock.
The markets: Mostly up at the end of a volatile week.
Plus: All the news and watercooler chat from Fortune.

Good morning. Earlier this week, I traveled to Target headquarters in Minneapolis to interview newly minted CEO Michael Fiddelke. (You can read my full story here.) Target had just reported a fourth straight quarter of comparable sales decline, continuing a slump that has seen it lose market share to many rivals. That same day, Fiddelke outlined for an audience of Wall Street analysts an ambitious plan he said would bring the most change Target has seen in a decade. But Fiddelke, a 23-year company lifer who took the reins five weeks ago, said that plan can’t work unless Target returns to a culture of talking honestly about failures.

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