Brian Cornell is stepping down from his role as CEO of Target as the beleaguered retailer struggles with declining sales, new costs from tariffs, and backlash over its reversal on DEI policies -- a move that is being cheered by those on the left who have criticized the company.

Tayenthal, who is co-CEO alongside Stalf and leads N26’s bank entity, will remain in those positions, the company said in a statement. But one person familiar with the discussions told the Financial Times that Tayenthal was likely to step down from his operational role at a later stage.

Aug. 20, 2025