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Target has named longtime executive Michael Fiddelke as its new CEO, officially taking over Sunday amid challenging times for the retailer.

Fiddelke, a 20-year veteran who previously served as chief operating officer, faces the task of reviving sales, modernizing stores, and expanding Target's digital capabilities.

The change in leadership follows Brian Cornell's decade-long tenure. Cornell had originally planned to stay until 2022 and even had the company's mandatory retirement age waived to continue guiding Target through a critical period.

Despite efforts, the company faced consecutive quarters of declining sales, prompting the board to place Fiddelke at the helm.

In a memo to employees, Fiddelke outlined his top priorities: sharpening the merchandise mix, enhancing stores and the website, and using technology to improve operations and personalize customer experiences.

"Priority 1 through 10 is accelerating Target's growth," Fiddelke said in a statement to FOX Business. "This strategy is coming to life across the business, and we're already seeing progress."

According to FoxBusiness, Target reported $25.3 billion in third-quarter sales, down 1.5% from last year, with in-store sales down sharply even as online sales grew.

Over the past three years, the company's stock has dropped nearly 30%, reflecting stagnant sales and growing competition from rivals like Amazon, Walmart, and Costco.

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Fiddelke also inherits a complicated environment in Target's hometown of Minneapolis, where federal immigration enforcement and two recent fatal shootings have sparked protests.

Target has over 50 stores in the Twin Cities, and some protesters have even occupied locations to push the company to condemn federal operations. In response, Fiddelke joined 59 other Minnesota-based CEOs in calling for "an immediate de-escalation of tensions" and cooperation among local, state, and federal officials.

The new CEO is focused on reviving Target's reputation for trendy, affordable products. The company plans a $5 billion investment to revamp stores, improve merchandising, and enhance technology, CNN reported.

A recently opened SoHo, New York, location will serve as a testing ground for new concepts, including stylish apparel, beauty products, and designer collaborations.

"We have real work to do," Fiddelke wrote to employees. "We are equally clear on the opportunity in front of us.

Shoppers want great design, real value, and experiences that delight. That's where Target has always been at its best, and it's what grounds the important work in front of us."

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