In today’s CEO Daily: Phil Wahba on the changing of the guard at Target.
The big story: The Fed will attempt to sustain its independence at the Jackson Hole symposium today despite a second criminal referral from Trump loyalists.
The markets: Asia is up, everyone else is down.
Plus: All the news and watercooler chat from Fortune.
Good morning. When Brian Cornell took the reins at Target 11 years ago, the retailer was, to put it mildly, a mess. Among its many problems: Target was struggling with out-of-stocks that frustrated shoppers, employee morale was low, and there was a sense that the retailer had lost much of the “Tar-zhay” cheap-chic magic that had won it millions of loyal, fanatical shoppers for decades.
So it’s disappointing for fans to see that same shopping list of problems plaguing Target again. Sales have been in decline for three years now, and the stock has plunged 64% from its all-time high in 2022.
It didn’t have to be this way. At the start of
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