Good morning, CFOs. Target promotes Chief Operating Officer Michael Fiddelke to the top job; Trump considers firing a Fed official after an accusation of mortgage fraud; and Lowe’s agreed to buy Foundation Building Materials.

Target thinks a lifelong employee can lift the company out of its funk. Investors aren’t buying it.

Shares of Target fell Wednesday after the company said its chief operating officer, Michael Fiddelke, would become Target’s new chief executive officer in February. He succeeds Brian Cornell, who has held the top job for 11 years. Cornell will become executive chairman of the board, the company said.

Target’s stock had risen slightly in recent months, as investors hoped that the retailer’s turnaround plans and sales results could bring a stock surge. They didn’t. Fiddelke will take over a company that is in a prolonged sales slump, losing out to such rivals as Walmart and Amazon.com. Among shoppers’ complaints: Target’s prices seem too high, its products aren’t as exciting as they once were, and its stores are messy and understocked.

Target also angered shoppers because of a controversy regarding its 2023 Pride month product selections and more recently when the company pulled back on corporate diversity, equity and inclusion policies. Employees are frustrated with the retailer too. A companywide survey in June showed that 40% of workers didn’t have confidence in Target’s future, The Wall Street Journal previously reported.

📆 Earnings

• Intuit
• Ross Stores
• Walmart
• Workday
• Zoom Communications

📈 Economic Indicators

S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for August.

The National Association of Realtors reports existing-home sales for July.

President Trump has told aides he is considering attempting to fire a Biden-appointed Federal Reserve governor after one of his housing officials accused her of mortgage fraud, according to a senior White House official and another person familiar with the matter.

Bill Pulte, the head of the Federal Housing Finance Agency, alleged on social media Wednesday morning that Fed governor Lisa Cook submitted what he called fraudulent information on a pair of mortgage applications.

• Fed Minutes Reveal Broad Support for Holding Rates Steady Last Month
• Trump Turns Up the Heat. Fed Chair Jerome Powell Tries to Keep His Cool.

📈 Earnings wrapup

• Lowe’s Boosts Full-Year Revenue Outlook, to Buy Home-Professional Firm for $8.8 Billion
• Estee Lauder Outlook Disappoints as Losses Widen
• T.J. Maxx Owner Boosts Full-Year Outlook After Higher Sales
• Coty Posts Lower Fourth Quarter Sales, Expects Improvement in Second Half of Fiscal Year 2026
• Baidu Revenue Slips on Weak Advertising Business

📰 Other headlines

• Guess to Go Private in Deal With Authentic Brands That Values Company at $1.4 Billion
• Airbus Faces U.K. Strikes Amid Wage Dispute
• GM Raided Silicon Valley to Build Its New AI Team. Here’s What It’s Doing.
• Exclusive: Supply-Chain Tech Firm Overhaul Raises $105 Million
• Tesla CEO Musk Says 6-Seat Model Y May Not Be Launched in U.S.
• McDonald’s to Cut Combo-Meal Prices After Convincing Franchisees

Dollar General, the Goodlettsville, Tenn.-based discount retailer, has appointed Donny Lau as its next chief financial officer. Lau's appointment is effective Oct. 20, the discount retailer said Wednesday. Lau succeeds Kelly Dilts, who plans to depart Aug. 28 for the top finance job at Nordstrom. Dollar General Chief Executive Todd Vasos will hold the additional role of CFO in the interim, the company said. Lau returns to Dollar General after holding the CFO job at Zaxby's Franchising since July 2023.

Tenable, the Columbia, Md.-based provider of vulnerability-management software, said it appointed Matthew Brown as CFO, effective immediately. Brown succeeds Steve Vintz, who recently was appointed as a co-chief executive officer of the company alongside Mark Thurmond. Brown most recently served as CFO of Altair Engineering.

Option Care Health, the Bannockburn, Ill.-based provider of home and alternative-site infusion therapy services, named Meenal Sethna as its next CFO, succeeding Mike Shapiro who is stepping down after a decade with the company. Sethna will take on the role effective Oct. 1, 2025. Shapiro will step down at the end of September but will remain with the company as a strategic adviser through at least the first quarter of 2026. Sethna most recently served as executive vice president and chief financial officer of Littelfuse, an industrial-technology manufacturing company.

—Kelly Cloonan and Robb M. Stewart contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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