Cornell is the current CEO of Target. He began his executive position in 2014. Previously, Cornell worked with various major retailers in the United States, including as Safeway’s chief marketing officer and executive vice president, and he was on the board of directors for OfficeMax and The Home Depot.

Cornell's departure is not a surprise, with his contract nearly up and the company's performance down. His successor, Michael Fiddelke, is a company insider; analysts were hoping for big changes. 10 stocks we like better than Target › The biggest news from retailer Target's (NYSE: TGT) second-quarter earnings report,