Target announced the replacement of CEO Brian Cornell with Michael Fiddelke, causing shares to drop 11% in premarket trading. Fiddelke, a 20-year company veteran, was instrumental in reshaping the retailer’s operations. Despite this change, Target reported better-than-expected revenue and comparable store sales in the second quarter. Sales were down 0.9% year-over-year to $25.21 billion, with comparable store sales declining 1.9%. Adjusted earnings per share (EPS) of $2.05 met expectations. Target reiterated its full-year guidance of adjusted EPS of $7.00 to $9.00, and sales falling by a low-single-digit percentage. Shares of Target were 22% lower year-to-date.

Read more at Yahoo Finance: Target Stock Sinks as Retailer Replaces CEO With Company Veteran