Starting this week, Walmart and Target are under new leadership.
John Furner, previously U.S. president and chief executive (CEO) of Walmart, is now president and CEO of Walmart, succeeding Doug McMillon.
At Target, Michael Fiddelke, formerly chief operating officer (COO), is taking on the role of CEO, formerly held by Brian Cornell.
Both incoming CEOs are longtime employees of their respective retailers. Target’s Fiddelke rose the ranks after starting at the company as an intern. John Furner, meanwhile, started as an hourly store associate in 1993 at a Walmart store located in the company’s hometown of Bentonville, Ark.
However, the two leaders are inheriting vastly different companies.
Under Walmart’s McMillon and Furner, the retailer grew through e-commerce and retail media investments, complemented by a diversified merchandise strategy. These moves helped Walmart shake off its perception as a discount big-box retailer. The brand has also invested significantly in technology, acquiring smart TV manufacturer Vizio to boost its ad business, and signing deals with AI companies such as OpenAI and Google, while investing in its own AI technology.
Elsewhere, Target has reported 12 consecutive quarters of falling sales. And while its ad business, Roundel, is growing, it’s not enough to offset losses. Under Cornell’s leadership, Target has faced consumer boycotts over its handling of diversity, equity, and inclusion (DEI) issues.
Target has also struggled to stay innovative in its marketing and manage logistical issues, including customer service, and keeping items stocked in stores. On the tech side, Target has been investing in AI via a partnership with OpenAI, which seen the pair collaborate on a ChatGPT experience. However, this is still in its early days following a November launch.
ADWEEK has been tracking Walmart and Target’s marketing and retail moves. Brush up on our coverage below and expect more in the coming months.
Walmart and Target
How Target Lost the Middle Class, and Walmart Cashed In
Target
Empty Shelves, Unique Products, Boycotts: What Target’s New CEO Must Fix to Turn the Company Around
Target Sales Continued to Fall in Q3, Offset Slightly by Its Ad Business
