Target’s Brian Cornell Earns $21.8M in 2025 as Shareholders Seek Independent Chair
Former CEO Brian Cornell received a $21.8 million compensation package in 2025, a 7% increase that included $1.4M salary, $786,920 incentive pay, $462,000 bonus and $18.6M in stock awards. COO-turned-CEO Michael Fiddelke earned $9.6 million, while shareholders have proposed an independent board chair vote in June.
1. Executive Compensation Details
In his final year as CEO and chair, Brian Cornell received a compensation package valued at $21.8 million, representing a 7% year-over-year increase. The package comprised a base salary of $1.4 million, incentive pay of $786,920, a bonus of $462,000 and stock awards valued at $18.6 million at grant.
2. COO Michael Fiddelke’s Pay
As chief operating officer in 2025, Michael Fiddelke earned a total compensation of $9.6 million. Fiddelke was promoted to CEO in February, marking a split of the chair and CEO roles.
3. Governance and Shareholder Proposal
The Accountability Board submitted a proposal seeking an independent board chair, citing inconsistent sales growth, declining traffic and reputational challenges. Shareholders will consider this measure at Target’s annual meeting in June.
4. Board Response and Upcoming Vote
Target’s board recommended voting against the independent chair proposal, arguing flexibility in leadership structure better serves the company’s interests. Similar proposals previously received less than one-third investor support, leaving the outcome uncertain.