Target set Michael J. Fiddelke's annual base salary at $1.30 million in connection with his appointment as Chief Executive Officer effective February 1, 2026, and said his target annual cash incentive opportunity under the Short-Term Incentive Plan is 200% of base salary.

1. 01

   Target set Michael J. Fiddelke's annual base salary at $1.30 million in connection with his appointment as Chief Executive Officer effective February 1, 2026, and said his target annual cash incentive opportunity under the Short-Term Incentive Plan is 200% of base salary.

2. 02

   The company said it will grant Fiddelke stock-based awards under the 2020 Long-Term Incentive Plan with a target payout value of $12.1 million in March 2026, on terms consistent with his prior annual awards as Chief Operating Officer and those granted to other leadership team members.

3. 03

   Target said Brian C. Cornell stepped down as Chief Executive Officer effective February 1, 2026 and will continue to serve as Executive Chair of the Board, receiving an annual base salary of $1.12 million and a target annual cash incentive opportunity of 200% of base salary.

4. 04

   The company said it will grant Cornell restricted stock units with a present value of $6.0 million in March 2026, he will no longer be entitled to severance under the Income Continuation Plan, and he is anticipated to serve as executive chair or special advisor until March 13, 2027.

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Original filing

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