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"The Fidelke Faux Pas" - Target's CEO Succession Controversy | Fast Five Shorts · Omni Talk Retail

• 0:00
  Headline
• 0:00
  number
• 0:00
  one.
• 0:00
  We
• 0:01
  teased
• 0:01
  it
• 0:01
  last
• 0:01
  week.
• 0:02
  Chris
• 0:02
  had
• 0:02
  a
• 0:03
  big
• 0:03
  article
• 0:03
  that
• 0:04
  he
• 0:04
  put
• 0:04
  out
• 0:04
  over
• 0:04
  the
• 0:04
  weekend.
• 0:05
  Target
• 0:06
  has
• 0:06
  named
• 0:06
  Michael
• 0:07
  Fidelke,
• 0:07
  its
• 0:08
  current
• 0:08
  Chief
• 0:09
  Operating
• 0:09
  officer,
• 0:10
  as
• 0:10
  its
• 0:11
  next
• 0:11
  CEO.
• 0:12
  According
• 0:12
  to
• 0:13
  CNBC,
• 0:13
  Fidelke
• 0:14
  is
• 0:14
  the
• 0:14
  company's
• 0:15
  49
• 0:15
  year
• 0:15
  old
• 0:16
  chief
• 0:16
  Operating
• 0:16
  officer
• 0:17
  and
• 0:17
  former
• 0:17
  Chief
• 0:17
  Financial
• 0:18
  officer
• 0:19
  and
• 0:19
  will
• 0:19
  succeed
• 0:20
  Brian
• 0:20
  Cornell
• 0:21
  effective
• 0:21
  February
• 0:22
  1st
• 0:22
  of
• 0:22
  2026.
• 0:24
  Cornell,
• 0:24
  who
• 0:24
  took
• 0:24
  the
• 0:25
  helm
• 0:25
  of
• 0:25
  the
• 0:25
  chief
• 0:26
  cheap
• 0:26
  chic
• 0:26
  retailer
• 0:27
  in
• 0:27
  2014,
• 0:28
  will
• 0:28
  transition
• 0:29
  to
• 0:29
  the
• 0:29
  role
• 0:29
  of
• 0:29
  executive
• 0:30
  chair
• 0:30
  on
• 0:30
  Target's
• 0:31
  Board
• 0:31
  of
• 0:31
  directors.
• 0:32
  Fidelke
• 0:33
  laid
• 0:33
  out
• 0:34
  three
• 0:34
  priorities.
• 0:35
  One,
• 0:36
  re
• 0:36
  establishing
• 0:36
  Target's
• 0:37
  reputation
• 0:37
  as
• 0:38
  a
• 0:38
  retailer
• 0:38
  with
• 0:38
  stylish
• 0:39
  and
• 0:39
  unique
• 0:39
  items.
• 0:40
  Two,
• 0:40
  providing
• 0:41
  a
• 0:41
  more
• 0:41
  consistent
• 0:42
  customer
• 0:43
  experience
• 0:43
  and
• 0:44
  three,
• 0:44
  using
• 0:45
  technology
• 0:45
  more
• 0:46
  effectively
• 0:46
  to
• 0:46
  operate
• 0:47
  an
• 0:47
  efficient
• 0:48
  business.
• 0:49
  Chris,
• 0:49
  we're
• 0:50
  going
• 0:50
  to
• 0:50
  go
• 0:50
  to
• 0:50
  you
• 0:50
  first
• 0:51
  because
• 0:51
  this
• 0:51
  is
• 0:52
  the
• 0:52
  put
• 0:52
  you
• 0:52
  on
• 0:52
  the
• 0:53
  spot
• 0:53
  question
• 0:53
  from
• 0:54
  the
• 0:54
  A
• 0:54
  and
• 0:54
  M
• 0:54
  consumer
• 0:55
  and
• 0:55
  retail
• 0:55
  group.
• 0:56
  They
• 0:57
  want
• 0:57
  to
• 0:57
  get
• 0:57
  this
• 0:57
  show
• 0:57
  started
• 0:58
  off
• 0:58
  right
• 0:58
  and
• 0:59
  address
• 0:59
  the
• 0:59
  elephant
• 1:00
  in
• 1:00
  the
• 1:00
  room.
• 1:01
  CEO
• 1:01
  succession
• 1:02
  plans
• 1:03
  can
• 1:03
  be
• 1:03
  difficult
• 1:04
  regardless
• 1:04
  of
• 1:05
  credentials
• 1:05
  as
• 1:06
  a
• 1:06
  Target
• 1:06
  lifer.
• 1:07
  Can
• 1:08
  Michael
• 1:08
  Fidelke
• 1:09
  emerge
• 1:09
  from
• 1:09
  Brian
• 1:10
  Cornell's
• 1:11
  legacy
• 1:11
  and
• 1:12
  change
• 1:12
  the
• 1:12
  trajectory
• 1:13
  of
• 1:13
  Target,
• 1:14
  especially
• 1:15
  with
• 1:15
  Brian
• 1:15
  Cornell
• 1:16
  still
• 1:16
  on
• 1:16
  the
• 1:16
  board?
• 1:17
  Or
• 1:18
  should
• 1:18
  the
• 1:18
  next
• 1:18
  CEO
• 1:19
  have
• 1:19
  been
• 1:19
  from
• 1:20
  outside
• 1:20
  the
• 1:20
  company
• 1:21
  to
• 1:21
  kickstart
• 1:22
  a
• 1:22
  fresh
• 1:22
  perspective
• 1:23
  on
• 1:23
  Target
• 1:24
  strategy?
• 1:25
  Oh,
• 1:25
  wow,
• 1:26
  that's
• 1:26
  a
• 1:26
  great
• 1:26
  question,
• 1:27
  candidly.
• 1:28
  And
• 1:28
  I
• 1:28
  said
• 1:28
  in
• 1:29
  my
• 1:29
  article
• 1:29
  over
• 1:29
  the
• 1:29
  weekend,
• 1:30
  you
• 1:30
  know,
• 1:30
  I,
• 1:30
  I
• 1:31
  think
• 1:31
  it's,
• 1:31
  I
• 1:31
  think
• 1:31
  it's
• 1:32
  the
• 1:32
  wrong
• 1:32
  move,
• 1:33
  you
• 1:33
  know,
• 1:33
  and
• 1:34
  I,
• 1:34
  I,
• 1:34
  I'm
• 1:34
  kind
• 1:34
  of
• 1:35
  more
• 1:35
  excited
• 1:35
  to
• 1:35
  hear
• 1:35
  what
• 1:35
  you
• 1:35
  guys
• 1:36
  have
• 1:36
  to
• 1:36
  say
• 1:36
  because
• 1:36
  I
• 1:36
  feel
• 1:36
  like
• 1:36
  I
• 1:37
  penned
• 1:37
  my
• 1:37
  thoughts
• 1:37
  pretty,
• 1:39
  pretty
• 1:39
  diligently
• 1:40
  and
• 1:40
  robustly
• 1:41
  in
• 1:41
  the
• 1:41
  article
• 1:41
  I
• 1:41
  put
• 1:41
  forward
• 1:42
  on
• 1:42
  the
• 1:42
  weekend,
• 1:42
  like
• 1:42
  you
• 1:42
  said,
• 1:42
  Anne,
• 1:43
  but
• 1:43
  you
• 1:43
  know,
• 1:43
  I'm
• 1:43
  going,
• 1:44
  so
• 1:44
  I'll
• 1:44
  make
• 1:44
  this
• 1:44
  quick.
• 1:45
  But
• 1:45
  I
• 1:45
  think
• 1:46
  what
• 1:46
  I'm,
• 1:46
  I'm
• 1:46
  going
• 1:46
  to
• 1:46
  coin
• 1:47
  the
• 1:47
  phrase
• 1:47
  here
• 1:47
  that
• 1:48
  this
• 1:48
  is
• 1:48
  going
• 1:48
  to
• 1:48
  be
• 1:48
  the
• 1:48
  Fidelki
• 1:49
  faux
• 1:49
  pas.
• 1:50
  That's
• 1:50
  the
• 1:50
  new
• 1:50
  term
• 1:51
  I'm
• 1:51
  going
• 1:51
  to
• 1:51
  use
• 1:51
  because
• 1:52
  I
• 1:52
  think
• 1:52
  in
• 1:52
  the
• 1:53
  long
• 1:53
  run
• 1:53
  this
• 1:53
  whole
• 1:53
  move
• 1:53
  could
• 1:54
  be
• 1:54
  embarrassing
• 1:54
  for
• 1:55
  every
• 1:55
  single
• 1:55
  party
• 1:55
  involved.
• 1:56
  It
• 1:56
  could
• 1:56
  be
• 1:56
  embarrassing
• 1:57
  for
• 1:57
  Fidelke,
• 1:57
  it
• 1:57
  could
• 1:58
  be
• 1:58
  embarrassing
• 1:58
  for
• 1:58
  the
• 1:58
  board,
• 1:59
  and
• 1:59
  it's
• 1:59
  definitely
• 1:59
  going
• 1:59
  to
• 1:59
  be
• 2:00
  embarrassing
• 2:00
  for
• 2:00
  Cornell,
• 2:01
  I
• 2:01
  think,
• 2:02
  because
• 2:03
  not
• 2:03
  only
• 2:03
  is
• 2:03
  it
• 2:03
  the
• 2:03
  wrong
• 2:04
  move,
• 2:04
  but
• 2:04
  it's
• 2:04
  also
• 2:05
  a
• 2:05
  move
• 2:05
  to
• 2:05
  me
• 2:05
  that
• 2:05
  says
• 2:06
  far
• 2:06
  more
• 2:06
  about
• 2:07
  Cornell
• 2:07
  than
• 2:07
  it
• 2:07
  does
• 2:08
  about
• 2:08
  Fidelke.
• 2:08
  So,
• 2:09
  you
• 2:09
  know,
• 2:09
  Cornell,
• 2:10
  I've
• 2:10
  been
• 2:10
  talking
• 2:11
  about
• 2:11
  it
• 2:11
  ad
• 2:11
  nauseum
• 2:12
  on
• 2:12
  this
• 2:12
  show
• 2:12
  for
• 2:12
  the
• 2:12
  past
• 2:13
  three
• 2:13
  years.
• 2:14
  His
• 2:14
  track
• 2:15
  record
• 2:15
  is
• 2:15
  subpar,
• 2:16
  you
• 2:16
  know,
• 2:16
  excluding
• 2:17
  the
• 2:17
  two
• 2:18
  years
• 2:18
  of
• 2:18
  the
• 2:18
  pandemic,
• 2:19
  particularly
• 2:20
  what
• 2:20
  has
• 2:20
  he
• 2:20
  really
• 2:21
  accomplished
• 2:21
  when
• 2:21
  you
• 2:21
  look
• 2:22
  at
• 2:22
  the
• 2:22
  numbers
• 2:23
  why
• 2:23
  is
• 2:23
  Target
• 2:23
  better
• 2:24
  positioned
• 2:24
  to
• 2:24
  succeed
• 2:26
  than
• 2:26
  when
• 2:26
  he
• 2:26
  took
• 2:27
  over
• 2:27
  in
• 2:27
  the
• 2:27
  long
• 2:27
  run?
• 2:28
  Where
• 2:28
  are
• 2:28
  the
• 2:28
  growth
• 2:28
  strategies?
• 2:29
  I
• 2:29
  still
• 2:30
  can't
• 2:30
  name
• 2:30
  them.
• 2:30
  I
• 2:31
  looked
• 2:31
  through
• 2:31
  the
• 2:31
  earnings
• 2:31
  report
• 2:32
  again
• 2:33
  this
• 2:33
  week.
• 2:33
  I
• 2:33
  still
• 2:34
  can't
• 2:34
  find
• 2:34
  them.
• 2:35
  And
• 2:35
  what
• 2:35
  worries
• 2:36
  me
• 2:36
  is
• 2:36
  that
• 2:37
  Cornell
• 2:37
  is
• 2:37
  also
• 2:37
  not
• 2:38
  going
• 2:38
  anywhere.
• 2:38
  He's
• 2:39
  still
• 2:39
  the
• 2:39
  executive
• 2:39
  chairman.
• 2:40
  And
• 2:40
  this
• 2:40
  didn't
• 2:41
  strike
• 2:41
  me
• 2:41
  until,
• 2:41
  you
• 2:42
  know,
• 2:42
  preparing
• 2:42
  for
• 2:43
  this,
• 2:43
  too.
• 2:43
  He
• 2:44
  doesn't
• 2:44
  even
• 2:44
  leave
• 2:44
  until
• 2:45
  February.
• 2:46
  He's
• 2:46
  still
• 2:47
  enrolled
• 2:47
  until
• 2:47
  February
• 2:48
  1st.
• 2:48
  That's
• 2:48
  a
• 2:48
  half
• 2:49
  year
• 2:49
  away,
• 2:50
  which
• 2:50
  is
• 2:50
  just
• 2:50
  the
• 2:51
  holiday.
• 2:52
  That's
• 2:52
  the
• 2:52
  big
• 2:52
  thing,
• 2:53
  right?
• 2:53
  Yeah.
• 2:53
  Yeah.
• 2:54
  You
• 2:54
  got
• 2:54
  to
• 2:54
  still
• 2:54
  go
• 2:54
  through
• 2:54
  the
• 2:55
  crux
• 2:55
  of
• 2:55
  the
• 2:55
  retail
• 2:56
  season
• 2:56
  here,
• 2:57
  too.
• 2:57
  So
• 2:57
  I
• 2:58
  don't
• 2:58
  know.
• 2:58
  So
• 2:58
  then
• 2:58
  you
• 2:58
  got
• 2:59
  to
• 2:59
  ask
• 2:59
  yourself,
• 2:59
  why
• 2:59
  would
• 2:59
  Cornell
• 3:00
  do
• 3:00
  this?
• 3:00
  And
• 3:00
  I
• 3:00
  think
• 3:00
  the
• 3:01
  only
• 3:01
  answer
• 3:01
  I
• 3:01
  can
• 3:01
  come
• 3:02
  up
• 3:02
  with,
• 3:02
  and
• 3:03
  people
• 3:03
  may
• 3:03
  not
• 3:03
  like
• 3:04
  it,
• 3:04
  or
• 3:04
  they
• 3:04
  may,
• 3:05
  but
• 3:05
  I
• 3:05
  think
• 3:05
  it's
• 3:05
  protected
• 3:06
  to
• 3:06
  protect
• 3:07
  his
• 3:07
  legacy.
• 3:08
  The
• 3:08
  last
• 3:08
  thing
• 3:08
  he
• 3:08
  wants.
• 3:09
  The
• 3:10
  last
• 3:10
  thing
• 3:10
  Cornell
• 3:11
  wants
• 3:11
  is
• 3:11
  someone
• 3:12
  external
• 3:12
  coming
• 3:13
  in
• 3:13
  and
• 3:13
  showing
• 3:14
  him
• 3:14
  up,
• 3:15
  because
• 3:15
  then
• 3:15
  he
• 3:16
  can't
• 3:16
  write
• 3:16
  the
• 3:16
  memoir
• 3:17
  like
• 3:17
  all
• 3:17
  his
• 3:17
  CEO
• 3:18
  friends.
• 3:19
  And
• 3:19
  this
• 3:20
  avoids
• 3:20
  that.
• 3:20
  It
• 3:21
  also
• 3:21
  gives
• 3:21
  him
• 3:21
  someone
• 3:22
  now
• 3:22
  to
• 3:22
  share
• 3:23
  accountability
• 3:23
  with.
• 3:24
  So,
• 3:24
  you
• 3:24
  know,
• 3:24
  is
• 3:25
  Fidelke
• 3:25
  the
• 3:26
  best
• 3:26
  internal
• 3:26
  candidate?
• 3:27
  Probably,
• 3:28
  but
• 3:28
  he
• 3:28
  runs
• 3:29
  operations.
• 3:29
  Operations
• 3:30
  haven't
• 3:30
  been
• 3:31
  going
• 3:31
  well.
• 3:31
  And
• 3:32
  what
• 3:32
  worries
• 3:32
  me
• 3:32
  the
• 3:32
  most,
• 3:33
  and
• 3:33
  this
• 3:33
  is
• 3:33
  something
• 3:33
  I
• 3:34
  didn't
• 3:34
  put
• 3:34
  in
• 3:34
  the
• 3:34
  article
• 3:34
  overtly,
• 3:35
  which
• 3:35
  I
• 3:35
  probably
• 3:35
  should
• 3:36
  have,
• 3:36
  is
• 3:37
  that
• 3:38
  is
• 3:38
  that
• 3:39
  we
• 3:39
  could
• 3:39
  put
• 3:40
  as
• 3:40
  many
• 3:40
  pictures
• 3:40
  of
• 3:41
  stores
• 3:41
  and
• 3:41
  empty
• 3:41
  shelves
• 3:42
  as
• 3:42
  we
• 3:42
  want
• 3:42
  on
• 3:42
  social
• 3:43
  media,
• 3:43
  and
• 3:43
  people
• 3:44
  have
• 3:44
  been
• 3:44
  doing
• 3:44
  that,
• 3:44
  so
• 3:45
  the
• 3:45
  cows
• 3:45
  come
• 3:45
  home.
• 3:46
  But
• 3:46
  I
• 3:47
  think
• 3:47
  the
• 3:47
  more
• 3:47
  important
• 3:48
  mark
• 3:48
  on
• 3:48
  this
• 3:49
  regime
• 3:49
  is
• 3:49
  actually
• 3:50
  their
• 3:50
  digital
• 3:50
  performance.
• 3:51
  The
• 3:51
  fact
• 3:51
  that
• 3:52
  their
• 3:52
  digital
• 3:52
  performance
• 3:53
  in
• 3:53
  the
• 3:53
  last
• 3:53
  quarter
• 3:53
  was
• 3:54
  only
• 3:54
  4%,
• 3:55
  that
• 3:55
  is
• 3:55
  not
• 3:55
  even
• 3:56
  keeping
• 3:56
  pace
• 3:56
  with
• 3:57
  the
• 3:57
  market.
• 3:58
  And
• 3:58
  it's
• 3:58
  the
• 3:58
  same
• 3:59
  cast
• 3:59
  of
• 3:59
  characters,
• 4:00
  particularly
• 4:00
  with
• 4:00
  Fidelki
• 4:01
  at
• 4:01
  the
• 4:01
  helm,
• 4:02
  that
• 4:02
  are.
• 4:02
  That
• 4:02
  have
• 4:03
  been
• 4:03
  responsible
• 4:03
  for
• 4:04
  that
• 4:04
  and
• 4:04
  seemingly
• 4:05
  still
• 4:05
  are
• 4:05
  responsible
• 4:06
  for
• 4:06
  that.
• 4:06
  So
• 4:06
  that's
• 4:07
  why
• 4:07
  I
• 4:07
  question
• 4:07
  this
• 4:07
  move.
• 4:07
  It
• 4:08
  just
• 4:08
  doesn't
• 4:08
  seem
• 4:08
  to
• 4:08
  make
• 4:08
  sense.
• 4:09
  And
• 4:09
  I
• 4:10
  100%
• 4:10
  agree,
• 4:11
  or
• 4:11
  I
• 4:11
  don't
• 4:11
  know
• 4:11
  if
• 4:12
  I
• 4:12
  agree.
• 4:12
  But
• 4:12
  to
• 4:12
  answer
• 4:12
  A
• 4:13
  and
• 4:13
  M's
• 4:13
  question,
• 4:13
  I
• 4:13
  think
• 4:13
  they
• 4:14
  should
• 4:14
  have
• 4:14
  gone
• 4:14
  external.
• 4:15
  Sure.
• 4:16
  Ben,
• 4:16
  what
• 4:17
  are
• 4:17
  you
• 4:17
  hearing?
• 4:18
  And,
• 4:18
  you
• 4:18
  know,
• 4:18
  Chris
• 4:19
  and
• 4:19
  I
• 4:19
  are
• 4:19
  obviously
• 4:20
  very
• 4:20
  close
• 4:20
  to
• 4:20
  Target,
• 4:21
  having
• 4:21
  worked
• 4:22
  there,
• 4:22
  both
• 4:22
  of
• 4:22
  us.
• 4:22
  But
• 4:23
  what
• 4:23
  are
• 4:23
  your
• 4:24
  perspectives
• 4:24
  and
• 4:25
  what
• 4:25
  are
• 4:25
  you.
• 4:25
  What
• 4:25
  else
• 4:25
  are
• 4:26
  you
• 4:26
  hearing
• 4:26
  in
• 4:26
  the
• 4:26
  industry?
• 4:28
  Oh,
• 4:28
  thanks,
• 4:28
  Anne.
• 4:29
  And
• 4:29
  it's
• 4:29
  been,
• 4:30
  you
• 4:30
  know,
• 4:30
  it's
• 4:30
  been
• 4:31
  nice
• 4:31
  to
• 4:31
  have
• 4:31
  a
• 4:31
  week
• 4:32
  since
• 4:32
  this
• 4:32
  story
• 4:32
  broke
• 4:33
  to.
• 4:34
  On
• 4:34
  it
• 4:35
  and.
• 4:36
  And
• 4:36
  to
• 4:36
  read
• 4:36
  a
• 4:37
  lot
• 4:37
  of
• 4:37
  commentary.
• 4:38
  You
• 4:38
  know,
• 4:39
  there's
• 4:39
  been
• 4:39
  an
• 4:39
  awful
• 4:39
  lot
• 4:40
  published.
• 4:40
  I
• 4:40
  thought
• 4:41
  if
• 4:41
  people
• 4:42
  haven't
• 4:42
  read
• 4:42
  Chris's
• 4:43
  blog,
• 4:44
  it's
• 4:44
  a
• 4:44
  great
• 4:44
  read.
• 4:45
  It's
• 4:45
  very
• 4:45
  well
• 4:45
  written.
• 4:46
  Whether
• 4:46
  you
• 4:46
  agree
• 4:46
  or
• 4:47
  not,
• 4:47
  it's
• 4:47
  very
• 4:47
  well
• 4:48
  written
• 4:48
  and
• 4:48
  very.
• 4:49
  And
• 4:49
  really
• 4:50
  insightful.
• 4:50
  So
• 4:50
  well
• 4:51
  done.
• 4:51
  Chris.
• 4:51
  Thank
• 4:51
  you
• 4:51
  for
• 4:51
  taking
• 4:52
  the
• 4:52
  time
• 4:52
  to.
• 4:52
  To
• 4:53
  put
• 4:53
  your
• 4:53
  thoughts.
• 4:54
  And
• 4:55
  I
• 4:55
  think
• 4:56
  the
• 4:56
  first
• 4:56
  reflection
• 4:57
  I've
• 4:57
  had
• 4:57
  is
• 4:59
  the
• 4:59
  sheer
• 5:00
  volume
• 5:01
  reflects
• 5:02
  the
• 5:03
  passion
• 5:03
  that
• 5:03
  exists
• 5:04
  around
• 5:04
  the
• 5:05
  retailer.
• 5:06
  It's
• 5:06
  really
• 5:07
  clear
• 5:07
  that
• 5:07
  Target
• 5:08
  is
• 5:08
  a
• 5:08
  brand
• 5:09
  that
• 5:09
  means
• 5:09
  a
• 5:09
  lot
• 5:10
  to
• 5:10
  a
• 5:10
  lot
• 5:10
  of
• 5:10
  people.
• 5:12
  Everybody's
• 5:12
  got
• 5:12
  a
• 5:12
  view,
• 5:13
  everybody
• 5:13
  wants
• 5:13
  to
• 5:13
  have
• 5:13
  a
• 5:14
  view.
• 5:14
  And
• 5:15
  I
• 5:16
  think
• 5:16
  I'm
• 5:16
  one
• 5:17
  of
• 5:17
  those.
• 5:17
  When
• 5:17
  Target's
• 5:18
  good,
• 5:18
  it's
• 5:18
  great,
• 5:19
  it's
• 5:19
  exciting,
• 5:20
  it
• 5:20
  brings
• 5:21
  design
• 5:21
  to
• 5:21
  mass.
• 5:22
  It's
• 5:23
  been
• 5:23
  an
• 5:23
  incredible
• 5:23
  platform
• 5:24
  for
• 5:26
  exciting
• 5:26
  brands
• 5:27
  to
• 5:27
  launch
• 5:27
  and
• 5:27
  to
• 5:28
  scale.
• 5:28
  So
• 5:30
  first
• 5:30
  up,
• 5:30
  I
• 5:31
  wish
• 5:31
  the
• 5:31
  team
• 5:32
  all
• 5:32
  the
• 5:32
  best
• 5:32
  in.
• 5:33
  In
• 5:33
  the
• 5:33
  turnaround.
• 5:34
  However,
• 5:34
  that
• 5:35
  takes
• 5:36
  place
• 5:37
  on
• 5:37
  Fidelka.
• 5:38
  I've
• 5:38
  only
• 5:38
  met
• 5:39
  him
• 5:39
  once.
• 5:40
  That
• 5:40
  was
• 5:41
  a
• 5:41
  shop
• 5:41
  Talk
• 5:41
  Spring
• 5:42
  in
• 5:42
  23.
• 5:44
  When
• 5:44
  he
• 5:44
  spoke,
• 5:44
  he
• 5:45
  was
• 5:46
  a
• 5:46
  pleasure
• 5:46
  to
• 5:47
  deal
• 5:47
  with.
• 5:47
  He
• 5:47
  was
• 5:47
  great
• 5:47
  on
• 5:48
  stage,
• 5:49
  if
• 5:49
  any,
• 5:49
  if
• 5:49
  you
• 5:50
  or
• 5:50
  any
• 5:50
  of
• 5:50
  the
• 5:50
  listeners
• 5:50
  can
• 5:50
  remember.
• 5:51
  The
• 5:51
  room
• 5:51
  was
• 5:51
  absolutely
• 5:52
  packed.
• 5:53
  It
• 5:53
  was
• 5:54
  clear
• 5:54
  he
• 5:54
  was
• 5:54
  the
• 5:55
  nominated
• 5:55
  successor.
• 5:57
  So,
• 5:57
  look,
• 5:57
  I
• 5:57
  have
• 5:57
  nothing
• 5:58
  but
• 5:58
  positive
• 5:58
  perceptions
• 5:59
  from
• 5:59
  that
• 5:59
  one
• 5:59
  engagement.
• 6:00
  But
• 6:01
  that
• 6:01
  doesn't
• 6:02
  make
• 6:02
  it
• 6:02
  look.
• 6:03
  That's
• 6:03
  absolutely
• 6:03
  no
• 6:04
  foundation
• 6:04
  for
• 6:04
  me
• 6:05
  to
• 6:05
  judge
• 6:05
  whether
• 6:05
  it'll
• 6:05
  be
• 6:05
  a
• 6:05
  good
• 6:05
  CEO
• 6:06
  or
• 6:06
  not.
• 6:07
  So,
• 6:07
  yeah,
• 6:08
  I'm
• 6:08
  not
• 6:08
  going
• 6:08
  to.
• 6:10
  I
• 6:10
  think
• 6:10
  it's
• 6:10
  important
• 6:10
  to
• 6:10
  not
• 6:11
  underestimate
• 6:11
  the
• 6:11
  difference
• 6:12
  between
• 6:12
  being
• 6:12
  an
• 6:12
  executive
• 6:13
  and
• 6:13
  being
• 6:13
  a
• 6:13
  CEO.
• 6:13
  It's
• 6:13
  a
• 6:14
  completely
• 6:14
  different
• 6:14
  job.
• 6:15
  And
• 6:15
  sometimes
• 6:16
  you
• 6:16
  just
• 6:16
  don't
• 6:16
  know
• 6:17
  until
• 6:17
  the
• 6:17
  person's
• 6:17
  enrolled.
• 6:18
  You
• 6:18
  just
• 6:18
  don't
• 6:19
  know.
• 6:20
  I
• 6:20
  guess
• 6:21
  what
• 6:21
  I
• 6:21
  probably
• 6:21
  would
• 6:21
  share
• 6:21
  is
• 6:22
  a
• 6:22
  personal
• 6:22
  reflection
• 6:23
  and
• 6:24
  that
• 6:25
  I
• 6:25
  talked
• 6:25
  a
• 6:25
  little
• 6:26
  bit
• 6:26
  in
• 6:26
  my
• 6:26
  introduction
• 6:26
  about
• 6:27
  my
• 6:27
  career.
• 6:27
  I've
• 6:28
  spent
• 6:28
  most
• 6:28
  of
• 6:28
  my
• 6:28
  career
• 6:29
  traveling
• 6:30
  backwards
• 6:30
  and
• 6:30
  forwards
• 6:30
  across
• 6:31
  the
• 6:31
  Atlantic,
• 6:32
  being
• 6:32
  in
• 6:32
  and
• 6:32
  out
• 6:32
  of
• 6:33
  stores
• 6:33
  in
• 6:33
  both
• 6:33
  the
• 6:34
  US
• 6:35
  And
• 6:35
  Europe,
• 6:38
  with
• 6:38
  one
• 6:39
  notable
• 6:39
  exception,
• 6:41
  and
• 6:41
  that
• 6:41
  was
• 6:43
  I
• 6:43
  was
• 6:43
  in
• 6:43
  New
• 6:43
  York
• 6:44
  in
• 6:44
  February
• 6:45
  2020.
• 6:46
  I
• 6:46
  was
• 6:46
  meeting
• 6:46
  retailers,
• 6:47
  I
• 6:47
  was
• 6:48
  meeting
• 6:48
  with
• 6:48
  brands.
• 6:48
  I
• 6:49
  had
• 6:49
  coffee
• 6:50
  with
• 6:50
  Joe
• 6:50
  Laszlo
• 6:51
  and
• 6:51
  then
• 6:52
  bang,
• 6:53
  I
• 6:53
  didn't.
• 6:53
  I
• 6:54
  wasn't
• 6:54
  in
• 6:54
  the
• 6:54
  US
• 6:54
  again
• 6:55
  until
• 6:55
  grocery
• 6:55
  shop
• 6:56
  in
• 6:56
  22.
• 6:56
  That
• 6:57
  was
• 6:57
  just
• 6:58
  shy
• 6:58
  of
• 6:58
  three
• 6:58
  years.
• 7:00
  So
• 7:01
  I
• 7:01
  didn't
• 7:01
  live
• 7:02
  through
• 7:02
  the
• 7:02
  pandemic
• 7:03
  in
• 7:03
  the
• 7:03
  us.
• 7:04
  I
• 7:04
  got
• 7:05
  this
• 7:05
  view
• 7:05
  of
• 7:05
  the
• 7:05
  world
• 7:06
  before
• 7:06
  and
• 7:07
  then
• 7:07
  suddenly
• 7:08
  the
• 7:08
  world
• 7:08
  after.
• 7:09
  And
• 7:09
  when
• 7:10
  I,
• 7:11
  when
• 7:11
  I
• 7:11
  came,
• 7:11
  flew
• 7:11
  out
• 7:12
  to
• 7:12
  Vegas
• 7:12
  for
• 7:12
  grocery
• 7:12
  shop
• 7:13
  in
• 7:13
  22,
• 7:13
  the
• 7:13
  first
• 7:13
  thing
• 7:13
  I
• 7:14
  did
• 7:14
  was
• 7:14
  go
• 7:14
  out
• 7:14
  and
• 7:14
  see
• 7:14
  some
• 7:15
  stores.
• 7:16
  And
• 7:16
  there
• 7:16
  was,
• 7:16
  there
• 7:17
  was
• 7:17
  two,
• 7:18
  there
• 7:18
  was
• 7:18
  two
• 7:19
  operators
• 7:19
  that
• 7:19
  shocked
• 7:20
  me
• 7:20
  about
• 7:21
  how
• 7:21
  much
• 7:21
  worse
• 7:22
  their
• 7:22
  customer
• 7:22
  experience
• 7:22
  had
• 7:23
  got.
• 7:23
  During
• 7:23
  that
• 7:24
  period,
• 7:24
  from
• 7:25
  having
• 7:25
  that
• 7:25
  before
• 7:25
  and
• 7:26
  after
• 7:26
  contrast,
• 7:28
  one
• 7:28
  was
• 7:28
  Target
• 7:29
  and
• 7:29
  the
• 7:29
  other
• 7:30
  was
• 7:30
  Starbucks.
• 7:33
  The
• 7:34
  in
• 7:34
  store
• 7:34
  standards
• 7:35
  of
• 7:35
  both
• 7:35
  had
• 7:35
  really
• 7:35
  deteriorated.
• 7:36
  And
• 7:36
  then
• 7:36
  from
• 7:37
  there
• 7:37
  they
• 7:38
  got
• 7:38
  worse.
• 7:39
  And
• 7:39
  I
• 7:40
  know
• 7:40
  rather
• 7:40
  than
• 7:40
  being
• 7:40
  part
• 7:41
  of
• 7:41
  a
• 7:41
  gradual
• 7:41
  change,
• 7:42
  I
• 7:42
  got
• 7:42
  to
• 7:42
  see
• 7:43
  this
• 7:44
  quite
• 7:44
  upfront.
• 7:45
  And
• 7:46
  I
• 7:46
  guess
• 7:48
  what
• 7:48
  I'm
• 7:48
  pleased
• 7:48
  about
• 7:49
  is
• 7:49
  that
• 7:49
  both
• 7:49
  those
• 7:49
  retailers
• 7:50
  have
• 7:50
  recognized
• 7:51
  that
• 7:51
  they
• 7:51
  weren't
• 7:51
  serving
• 7:52
  their
• 7:52
  customers
• 7:52
  well
• 7:52
  enough.
• 7:53
  The
• 7:53
  situation
• 7:54
  had
• 7:54
  to
• 7:54
  get
• 7:54
  worse
• 7:55
  from
• 7:55
  there,
• 7:56
  but
• 7:56
  they're
• 7:57
  both
• 7:57
  turning
• 7:57
  around.
• 7:58
  So
• 7:58
  I
• 7:58
  guess
• 7:59
  to
• 7:59
  come
• 7:59
  back
• 7:59
  to
• 7:59
  the
• 7:59
  A
• 7:59
  and
• 7:59
  M
• 7:59
  question,
• 8:00
  I
• 8:00
  think
• 8:00
  Starbucks
• 8:01
  is
• 8:01
  a
• 8:01
  cautionary
• 8:02
  tale
• 8:02
  for
• 8:02
  us
• 8:02
  all
• 8:03
  about
• 8:03
  getting
• 8:03
  too
• 8:04
  excited
• 8:04
  too
• 8:04
  early
• 8:05
  about
• 8:05
  an
• 8:05
  external
• 8:05
  hire.
• 8:08
  Turnarounds
• 8:09
  like
• 8:09
  this,
• 8:10
  huge
• 8:10
  brands
• 8:11
  take
• 8:12
  time.
• 8:13
  They
• 8:13
  need
• 8:13
  a
• 8:13
  huge
• 8:13
  amount
• 8:14
  of
• 8:14
  patience
• 8:14
  and
• 8:14
  they
• 8:15
  need
• 8:15
  a
• 8:15
  huge
• 8:15
  amount
• 8:16
  of
• 8:16
  goodwill.
• 8:17
  And
• 8:18
  if
• 8:18
  Fidelki
• 8:18
  can
• 8:18
  get
• 8:19
  that
• 8:19
  goodwill
• 8:19
  going
• 8:20
  and
• 8:20
  can
• 8:21
  get
• 8:21
  his
• 8:21
  team
• 8:22
  on
• 8:22
  side,
• 8:23
  then
• 8:23
  he's
• 8:23
  got
• 8:23
  a
• 8:23
  chance.
• 8:24
  But
• 8:24
  he's
• 8:24
  got
• 8:25
  a
• 8:25
  phenomenal
• 8:26
  amount
• 8:27
  to
• 8:27
  right
• 8:27
  connect.
• 8:28
  I
• 8:29
  don't
• 8:29
  underestimate
• 8:31
  the
• 8:31
  challenge
• 8:31
  that
• 8:32
  lies
• 8:32
  ahead.
• 8:33
  So
• 8:35
  I
• 8:35
  think
• 8:35
  obviously
• 8:36
  time
• 8:36
  will
• 8:36
  tell
• 8:36
  if
• 8:37
  he's
• 8:37
  the
• 8:37
  right
• 8:37
  hire
• 8:37
  or
• 8:37
  not.
• 8:38
  I
• 8:38
  don't
• 8:38
  think
• 8:38
  there
• 8:38
  is
• 8:38
  a
• 8:38
  playbook
• 8:39
  of
• 8:39
  whether
• 8:39
  it
• 8:39
  should
• 8:39
  be
• 8:39
  external
• 8:40
  or
• 8:40
  internal.
• 8:40
  It
• 8:41
  comes
• 8:41
  down
• 8:41
  to
• 8:41
  individual
• 8:42
  all,
• 8:42
  and
• 8:43
  you've
• 8:43
  got
• 8:43
  to
• 8:43
  find
• 8:43
  out.
• 8:45
  I
• 8:45
  mean,
• 8:45
  the
• 8:45
  final
• 8:46
  thing
• 8:46
  I'll
• 8:46
  say
• 8:46
  is
• 8:46
  it
• 8:46
  will
• 8:46
  come
• 8:47
  as
• 8:47
  probably
• 8:47
  no
• 8:47
  surprise
• 8:47
  to
• 8:48
  you
• 8:48
  both
• 8:48
  that
• 8:48
  we
• 8:48
  have
• 8:48
  got
• 8:49
  cobbles
• 8:49
  in
• 8:49
  with
• 8:50
  both
• 8:50
  the
• 8:50
  Target
• 8:50
  team
• 8:51
  and
• 8:51
  the
• 8:51
  Starbucks
• 8:51
  team,
• 8:52
  inviting
• 8:53
  both
• 8:53
  Brian
• 8:53
  and
• 8:54
  Michael
• 8:54
  to
• 8:54
  keynote
• 8:55
  at
• 8:55
  Shop
• 8:55
  Talk
• 8:55
  next
• 8:56
  year.
• 8:56
  So
• 8:57
  yes,
• 8:57
  if
• 8:58
  any
• 8:58
  of
• 8:58
  their
• 8:58
  personal
• 8:58
  teams
• 8:59
  are
• 8:59
  listening
• 8:59
  and
• 8:59
  that
• 9:00
  invite
• 9:00
  hasn't
• 9:00
  hit
• 9:00
  their
• 9:01
  desks
• 9:01
  yet,
• 9:01
  then
• 9:01
  just
• 9:01
  ping
• 9:02
  me
• 9:02
  on
• 9:02
  LinkedIn.
• 9:02
  But
• 9:03
  I
• 9:03
  think
• 9:03
  we
• 9:04
  all
• 9:04
  want
• 9:04
  to
• 9:04
  know
• 9:05
  what
• 9:05
  is
• 9:06
  the
• 9:06
  strategy?
• 9:07
  Because
• 9:07
  there
• 9:07
  has
• 9:07
  to
• 9:08
  be
• 9:08
  more
• 9:08
  than
• 9:08
  those
• 9:08
  three
• 9:09
  big
• 9:09
  bullet
• 9:09
  points
• 9:09
  you
• 9:09
  put
• 9:10
  out
• 9:10
  on
• 9:10
  a
• 9:10
  video
• 9:10
  on
• 9:11
  social
• 9:11
  media.
• 9:12
  Right?
• 9:13
  I
• 9:13
  agree
• 9:13
  and
• 9:14
  I
• 9:14
  appreciate
• 9:14
  your
• 9:15
  perspective,
• 9:15
  both
• 9:15
  of
• 9:16
  you.
• 9:16
  And
• 9:16
  Ben,
• 9:18
  I
• 9:18
  think
• 9:18
  you
• 9:18
  called
• 9:19
  out
• 9:19
  a
• 9:19
  lot
• 9:19
  of
• 9:19
  really
• 9:19
  good
• 9:19
  points
• 9:20
  there.
• 9:20
  There
• 9:21
  is
• 9:21
  a
• 9:21
  big
• 9:21
  turnaround
• 9:22
  at
• 9:22
  hand
• 9:23
  and
• 9:24
  I'm
• 9:24
  gonna
• 9:24
  just
• 9:24
  offer
• 9:25
  a
• 9:25
  slightly
• 9:25
  different
• 9:25
  perspective
• 9:26
  because
• 9:26
  I
• 9:27
  think
• 9:27
  it's
• 9:27
  easy
• 9:27
  to
• 9:28
  throw
• 9:29
  this
• 9:29
  decision
• 9:30
  under
• 9:30
  the
• 9:30
  bus,
• 9:31
  to
• 9:31
  throw
• 9:31
  Fidelki
• 9:32
  under
• 9:32
  the
• 9:32
  bus,
• 9:32
  to
• 9:32
  dismiss
• 9:33
  him
• 9:33
  as
• 9:34
  the
• 9:34
  media
• 9:34
  has
• 9:34
  been
• 9:35
  because
• 9:35
  he's
• 9:35
  an
• 9:36
  internal
• 9:36
  candidate.
• 9:37
  But
• 9:37
  let
• 9:38
  me
• 9:38
  just
• 9:38
  play
• 9:38
  devil,
• 9:39
  devil's
• 9:39
  advocate
• 9:39
  here
• 9:40
  and
• 9:40
  say,
• 9:40
  what
• 9:41
  if
• 9:41
  Fidelke
• 9:41
  is
• 9:42
  the
• 9:42
  only
• 9:42
  person
• 9:43
  who
• 9:43
  can
• 9:44
  care,
• 9:44
  who
• 9:45
  can
• 9:45
  turn
• 9:45
  this
• 9:46
  brand
• 9:46
  around?
• 9:47
  Not
• 9:47
  to
• 9:47
  mention
• 9:47
  he's
• 9:48
  boots
• 9:48
  on
• 9:48
  the
• 9:48
  ground
• 9:49
  in
• 9:49
  Minneapolis.
• 9:49
  The
• 9:50
  same
• 9:50
  couldn't
• 9:50
  have
• 9:50
  been
• 9:50
  said
• 9:51
  for
• 9:51
  Cornell.
• 9:52
  Fidelke
• 9:53
  has
• 9:53
  been
• 9:53
  there
• 9:53
  his
• 9:53
  entire
• 9:54
  career
• 9:55
  and
• 9:55
  it's
• 9:55
  not
• 9:55
  the
• 9:56
  decision
• 9:56
  that
• 9:56
  people
• 9:56
  wanted
• 9:57
  or
• 9:57
  expected.
• 9:58
  It's
• 9:58
  not
• 9:59
  going
• 9:59
  to
• 9:59
  be
• 9:59
  easy.
• 10:00
  He's
• 10:00
  going
• 10:00
  to
• 10:00
  have
• 10:01
  to
• 10:01
  say
• 10:01
  some
• 10:02
  hard
• 10:02
  things
• 10:02
  and
• 10:03
  make
• 10:03
  some
• 10:03
  hard
• 10:03
  decisions
• 10:05
  with
• 10:05
  peers
• 10:05
  that
• 10:05
  he's
• 10:06
  grown
• 10:06
  up
• 10:06
  with
• 10:06
  within
• 10:07
  the
• 10:07
  organization,
• 10:08
  which
• 10:08
  is
• 10:08
  a
• 10:08
  big
• 10:09
  question
• 10:09
  mark,
• 10:09
  as
• 10:10
  a
• 10:10
  former
• 10:10
  Targeteer
• 10:11
  and
• 10:11
  mentor
• 10:11
  of
• 10:11
  mine
• 10:12
  said
• 10:12
  to
• 10:12
  me
• 10:12
  this
• 10:12
  week.
• 10:13
  But
• 10:13
  I
• 10:14
  just
• 10:14
  wonder
• 10:15
  if,
• 10:15
  if
• 10:15
  you
• 10:16
  brought
• 10:16
  in
• 10:16
  an
• 10:16
  external
• 10:17
  candidate,
• 10:17
  would
• 10:18
  they
• 10:18
  give
• 10:18
  Target
• 10:19
  their,
• 10:20
  their
• 10:20
  entire
• 10:20
  selves
• 10:21
  to
• 10:21
  make
• 10:21
  this
• 10:22
  transformation?
• 10:23
  I
• 10:23
  don't
• 10:23
  know.
• 10:24
  I
• 10:24
  don't
• 10:25
  know
• 10:25
  that
• 10:25
  I
• 10:25
  could
• 10:25
  see
• 10:26
  that
• 10:26
  happening.
• 10:26
  And
• 10:27
  so
• 10:27
  my
• 10:27
  question
• 10:28
  and
• 10:28
  my
• 10:29
  hope
• 10:29
  for
• 10:29
  Target
• 10:30
  and
• 10:30
  for
• 10:30
  fidelity
• 10:31
  is
• 10:31
  that
• 10:31
  he's
• 10:32
  seen
• 10:32
  Targets
• 10:33
  good,
• 10:33
  he's
• 10:34
  seen
• 10:34
  what
• 10:34
  it
• 10:35
  can
• 10:35
  be
• 10:35
  and
• 10:36
  now
• 10:36
  he's
• 10:37
  in
• 10:37
  a
• 10:37
  position
• 10:38
  still
• 10:39
  with
• 10:39
  Cornell
• 10:39
  at
• 10:39
  the
• 10:40
  head
• 10:40
  of
• 10:40
  the
• 10:40
  board,
• 10:41
  but
• 10:41
  he's
• 10:41
  in
• 10:41
  the
• 10:42
  position
• 10:42
  to
• 10:42
  start
• 10:42
  making
• 10:42
  some
• 10:43
  of
• 10:43
  these
• 10:43
  decisions.
• 10:44
  And
• 10:44
  I
• 10:44
  really,
• 10:45
  truly
• 10:45
  hope
• 10:46
  for
• 10:46
  the
• 10:46
  sake
• 10:46
  of
• 10:47
  all
• 10:47
  of
• 10:47
  those
• 10:47
  people
• 10:48
  still
• 10:48
  at
• 10:48
  Target,
• 10:49
  all
• 10:49
  the
• 10:49
  people
• 10:49
  who
• 10:49
  love
• 10:49
  shopping
• 10:50
  the
• 10:50
  brand,
• 10:51
  that
• 10:51
  he's
• 10:51
  the
• 10:52
  one
• 10:52
  person
• 10:53
  who
• 10:53
  has
• 10:53
  the
• 10:53
  experience
• 10:54
  to
• 10:54
  make
• 10:54
  the
• 10:54
  brand
• 10:55
  what
• 10:56
  great
• 10:56
  again
• 10:56
  and
• 10:57
  what
• 10:57
  it
• 10:57
  really
• 10:57
  can
• 10:57
  be.
• 10:58
  And
• 10:58
  especially
• 10:59
  if
• 10:59
  he
• 10:59
  can
• 10:59
  focus
• 11:00
  on,
• 11:00
  on
• 11:00
  bringing
• 11:00
  that
• 11:01
  design
• 11:01
  perspective
• 11:02
  and
• 11:02
  point
• 11:03
  of
• 11:03
  view
• 11:03
  that
• 11:03
  Target
• 11:04
  has
• 11:04
  lost
• 11:04
  throughout
• 11:04
  the
• 11:05
  years.
• 11:07
  Ben,
• 11:07
  what
• 11:07
  do
• 11:07
  you
• 11:07
  think
• 11:07
  on
• 11:07
  that?
• 11:08
  I
• 11:08
  mean,
• 11:08
  I
• 11:08
  have
• 11:08
  a
• 11:08
  lot
• 11:09
  of
• 11:09
  thoughts
• 11:09
  on
• 11:09
  what.
• 11:09
  And
• 11:09
  just
• 11:09
  said
• 11:10
  what
• 11:10
  do
• 11:10
  you
• 11:10
  think
• 11:10
  there
• 11:10
  before
• 11:11
  I.
• 11:11
  Before.
• 11:11
  I
• 11:14
  know.
• 11:14
  I
• 11:14
  think
• 11:15
  a
• 11:15
  lot
• 11:15
  of
• 11:15
  what
• 11:15
  Ann
• 11:15
  says
• 11:17
  makes
• 11:18
  a
• 11:18
  lot
• 11:18
  of
• 11:18
  sense.
• 11:19
  A
• 11:19
  lot
• 11:19
  of
• 11:19
  sense.
• 11:20
  And
• 11:20
  you
• 11:20
  can
• 11:20
  believe
• 11:20
  in
• 11:21
  that.
• 11:21
  I
• 11:21
  think
• 11:21
  the
• 11:21
  point
• 11:22
  about
• 11:23
  you've
• 11:24
  seen
• 11:24
  Target
• 11:24
  when
• 11:24
  it's
• 11:24
  good
• 11:25
  and
• 11:25
  how
• 11:25
  to
• 11:25
  get
• 11:25
  back
• 11:25
  to
• 11:26
  this
• 11:26
  because
• 11:27
  when
• 11:28
  I
• 11:28
  did
• 11:28
  those
• 11:28
  store
• 11:28
  visits
• 11:29
  that
• 11:29
  first
• 11:29
  day
• 11:29
  in
• 11:30
  Vegas,
• 11:31
  the
• 11:31
  one
• 11:32
  retailer
• 11:32
  that
• 11:32
  stood
• 11:33
  out
• 11:33
  to
• 11:33
  me
• 11:33
  that
• 11:33
  was
• 11:34
  so
• 11:35
  much
• 11:35
  better
• 11:35
  coming
• 11:35
  out
• 11:36
  the
• 11:36
  pandemic
• 11:37
  in
• 11:37
  terms
• 11:37
  of
• 11:37
  in
• 11:38
  store
• 11:38
  standards,
• 11:38
  in
• 11:38
  terms
• 11:38
  of
• 11:39
  operations,
• 11:39
  in
• 11:39
  terms
• 11:39
  of
• 11:40
  proposition
• 11:40
  was
• 11:41
  Walmart.
• 11:42
  So
• 11:42
  what
• 11:43
  happened
• 11:43
  during
• 11:43
  that
• 11:43
  time
• 11:44
  is
• 11:44
  Walmart
• 11:44
  went
• 11:44
  one
• 11:45
  way
• 11:45
  and
• 11:45
  Target
• 11:45
  went
• 11:45
  the
• 11:46
  other.
• 11:46
  Target's
• 11:47
  opportunity
• 11:47
  now
• 11:48
  is
• 11:48
  to
• 11:48
  be
• 11:48
  the
• 11:48
  best
• 11:49
  Target
• 11:49
  it
• 11:49
  can
• 11:50
  be.
• 11:50
  Not
• 11:51
  try
• 11:51
  and
• 11:51
  copy
• 11:52
  Walmart
• 11:52
  or
• 11:52
  try
• 11:52
  and
• 11:52
  copy.
• 11:53
  Exactly.
• 11:54
  And
• 11:54
  how
• 11:55
  can
• 11:55
  it
• 11:55
  find
• 11:56
  the
• 11:56
  best
• 11:56
  Target?
• 11:57
  Because
• 11:57
  there's
• 11:57
  a,
• 11:58
  there's
• 11:58
  a
• 11:58
  gap
• 11:58
  in
• 11:58
  the
• 11:59
  market
• 11:59
  for
• 11:59
  that.
• 12:00
  It's
• 12:01
  just
• 12:01
  about
• 12:01
  chasing
• 12:01
  the
• 12:02
  right
• 12:02
  things
• 12:02
  and
• 12:03
  you
• 12:03
  know,
• 12:03
  a
• 12:04
  leader
• 12:04
  who
• 12:04
  understands
• 12:05
  that
• 12:06
  could
• 12:06
  be
• 12:06
  well
• 12:07
  placed.
• 12:08
  I
• 12:08
  have
• 12:08
  my
• 12:09
  reservations.
• 12:11
  I
• 12:11
  think
• 12:13
  the
• 12:13
  city
• 12:14
  and
• 12:14
  the
• 12:14
  street
• 12:14
  haven't
• 12:15
  been
• 12:15
  excited
• 12:16
  but
• 12:17
  you
• 12:17
  know,
• 12:18
  post
• 12:18
  3,
• 12:19
  4%
• 12:19
  comms
• 12:20
  in
• 12:20
  the
• 12:20
  next
• 12:21
  quarterlies
• 12:21
  and
• 12:21
  they'll
• 12:21
  be
• 12:21
  fine.
• 12:22
  So,
• 12:22
  you
• 12:22
  know,
• 12:23
  I
• 12:23
  think,
• 12:23
  I
• 12:23
  think
• 12:23
  you've
• 12:23
  just
• 12:24
  got
• 12:24
  to
• 12:24
  see
• 12:24
  what
• 12:24
  he
• 12:24
  can
• 12:24
  do
• 12:24
  and
• 12:25
  how
• 12:25
  he
• 12:25
  can
• 12:25
  bring
• 12:25
  the
• 12:25
  team
• 12:26
  along
• 12:26
  in
• 12:26
  the
• 12:26
  way
• 12:26
  you
• 12:26
  say
• 12:27
  I'm.
• 12:29
  My
• 12:29
  only
• 12:30
  caveat
• 12:30
  with
• 12:30
  what
• 12:30
  you
• 12:31
  said
• 12:31
  though,
• 12:31
  Ann,
• 12:31
  is
• 12:31
  like,
• 12:31
  I
• 12:32
  think,
• 12:32
  I
• 12:32
  think
• 12:32
  we're
• 12:33
  lowering
• 12:33
  the
• 12:33
  bar
• 12:33
  of
• 12:33
  expectations
• 12:34
  if
• 12:34
  it's
• 12:34
  just
• 12:35
  based
• 12:35
  on
• 12:35
  who
• 12:35
  cares
• 12:36
  about
• 12:36
  getting
• 12:36
  the
• 12:36
  job,
• 12:37
  like,
• 12:37
  and
• 12:37
  who
• 12:37
  cares
• 12:37
  about
• 12:38
  the
• 12:38
  brand.
• 12:38
  Like
• 12:38
  there's
• 12:39
  a
• 12:39
  lot
• 12:39
  of
• 12:39
  people
• 12:39
  that
• 12:40
  meet
• 12:40
  that
• 12:40
  qualification.
• 12:41
  And
• 12:41
  I
• 12:42
  can
• 12:42
  name
• 12:42
  X
• 12:43
  people
• 12:43
  at
• 12:43
  Target
• 12:43
  that
• 12:44
  are
• 12:44
  now
• 12:44
  at
• 12:44
  other
• 12:44
  companies
• 12:44
  that
• 12:45
  are
• 12:45
  doing
• 12:45
  well,
• 12:45
  that
• 12:46
  have
• 12:46
  more
• 12:46
  merchandising
• 12:46
  and
• 12:47
  digital
• 12:47
  experience
• 12:47
  than
• 12:47
  Fidelke
• 12:48
  does.
• 12:48
  And
• 12:48
  I'm
• 12:48
  curious
• 12:49
  if
• 12:49
  they
• 12:49
  got
• 12:50
  a
• 12:50
  sniff
• 12:50
  at
• 12:50
  by
• 12:50
  the
• 12:50
  board.
• 12:51
  I'm
• 12:51
  curious.
• 12:51
  There's
• 12:52
  been
• 12:52
  a
• 12:52
  lot
• 12:52
  of
• 12:52
  comments
• 12:52
  on
• 12:52
  social
• 12:53
  media
• 12:53
  about
• 12:53
  how
• 12:54
  long
• 12:54
  this
• 12:54
  external
• 12:54
  search
• 12:55
  actually
• 12:55
  happened,
• 12:56
  if
• 12:56
  it
• 12:56
  did
• 12:56
  in
• 12:57
  fact
• 12:57
  happen.
• 12:58
  So
• 12:58
  like
• 12:58
  that's
• 12:58
  where
• 12:58
  I'm
• 12:58
  like,
• 12:59
  yeah,
• 12:59
  I
• 13:00
  can
• 13:00
  see
• 13:00
  what
• 13:00
  you're
• 13:00
  saying.
• 13:00
  But
• 13:01
  like
• 13:01
  that
• 13:01
  bar
• 13:01
  is
• 13:02
  really,
• 13:02
  really
• 13:03
  low.
• 13:03
  If
• 13:03
  that's
• 13:04
  all
• 13:04
  we're
• 13:04
  basing
• 13:05
  this
• 13:05
  judgment
• 13:05
  on.
• 13:06
  You
• 13:06
  know,
• 13:06
  again
• 13:07
  with
• 13:07
  the
• 13:07
  other
• 13:07
  point
• 13:08
  being
• 13:09
  what's
• 13:09
  been
• 13:09
  happening
• 13:10
  at
• 13:10
  the
• 13:10
  company
• 13:11
  with
• 13:11
  the
• 13:11
  people
• 13:12
  in
• 13:12
  the
• 13:12
  roles
• 13:12
  that
• 13:13
  they've
• 13:13
  been
• 13:13
  in,
• 13:13
  like
• 13:13
  they've
• 13:14
  been
• 13:14
  the
• 13:14
  ones
• 13:14
  in
• 13:14
  charge
• 13:15
  of
• 13:15
  this.
• 13:15
  And
• 13:16
  so
• 13:16
  I
• 13:16
  don't
• 13:16
  know,
• 13:16
  that's,
• 13:17
  that's
• 13:17
  just
• 13:17
  my
• 13:17
  one,
• 13:18
  my
• 13:18
  one
• 13:18
  caveat
• 13:19
  with
• 13:19
  what
• 13:19
  you
• 13:19
  said.
• 13:19
  But
• 13:19
  you,
• 13:20
  I
• 13:20
  give
• 13:21
  you
• 13:21
  the
• 13:21
  last
• 13:21
  word
• 13:21
  and
• 13:21
  then
• 13:21
  we'll
• 13:22
  move
• 13:22
  on.
• 13:22
  Yeah,
• 13:23
  I
• 13:23
  think
• 13:23
  meaning
• 13:24
  the
• 13:24
  only,
• 13:25
  the
• 13:25
  only
• 13:25
  counterpoint
• 13:26
  I'd
• 13:26
  say
• 13:26
  is,
• 13:26
  you
• 13:26
  know,
• 13:27
  Fidelity
• 13:28
  wasn't
• 13:28
  the
• 13:28
  CEO,
• 13:29
  you
• 13:29
  know,
• 13:29
  it
• 13:29
  was
• 13:29
  a,
• 13:30
  it
• 13:30
  was
• 13:30
  a,
• 13:31
  he
• 13:31
  was
• 13:31
  part
• 13:31
  of
• 13:32
  the
• 13:32
  executive
• 13:33
  team
• 13:33
  but
• 13:33
  he
• 13:34
  wasn't
• 13:34
  the
• 13:34
  one
• 13:34
  making
• 13:35
  the
• 13:35
  final
• 13:35
  decision.
• 13:36
  And
• 13:36
  so
• 13:37
  my,
• 13:37
  my
• 13:37
  hope
• 13:38
  is
• 13:38
  again,
• 13:38
  like
• 13:39
  if
• 13:39
  he's
• 13:39
  in
• 13:40
  role,
• 13:40
  he
• 13:40
  has
• 13:40
  a
• 13:41
  big,
• 13:41
  big
• 13:41
  task
• 13:42
  ahead
• 13:42
  of
• 13:42
  him.
• 13:42
  And
• 13:43
  I
• 13:43
  don't
• 13:43
  want
• 13:43
  to
• 13:43
  diminish
• 13:44
  the
• 13:44
  point
• 13:44
  of
• 13:45
  like
• 13:45
  he's
• 13:46
  grown
• 13:46
  up
• 13:46
  with
• 13:46
  all
• 13:46
  the
• 13:47
  other
• 13:47
  people
• 13:47
  who
• 13:47
  are
• 13:47
  in
• 13:48
  the
• 13:48
  executive
• 13:48
  roles
• 13:49
  right
• 13:49
  now
• 13:49
  at
• 13:49
  Target.
• 13:50
  Like
• 13:50
  it's
• 13:50
  not
• 13:50
  going
• 13:50
  to
• 13:50
  be
• 13:50
  easy
• 13:51
  to
• 13:51
  tell
• 13:51
  those
• 13:52
  people
• 13:53
  in
• 13:53
  merchandising,
• 13:54
  in
• 13:54
  marketing,
• 13:55
  in
• 13:55
  you
• 13:55
  know,
• 13:56
  ops
• 13:56
  and
• 13:56
  supply
• 13:57
  chain
• 13:57
  the
• 13:57
  hard
• 13:57
  truths
• 13:58
  to
• 13:58
  get
• 13:58
  Target
• 13:59
  to
• 13:59
  where
• 13:59
  it's
• 13:59
  not
• 13:59
  going
• 14:00
  to,
• 14:00
  it's
• 14:00
  going,
• 14:00
  it's
• 14:01
  got
• 14:01
  to
• 14:01
  be.
• 14:01
  But
• 14:02
  you
• 14:02
  know,
• 14:02
  can,
• 14:03
  can
• 14:03
  he
• 14:03
  do
• 14:04
  that?
• 14:04
  And
• 14:04
  if
• 14:04
  he
• 14:04
  can,
• 14:05
  hopefully
• 14:06
  it,
• 14:07
  it's
• 14:07
  a,
• 14:07
  it's
• 14:08
  the
• 14:08
  last
• 14:08
  hope
• 14:08
  for
• 14:08
  the
• 14:08
  brand.
• 14:10
  But
• 14:10
  again,
• 14:10
  if
• 14:10
  we're
• 14:10
  giving
• 14:11
  dispensation
• 14:11
  for
• 14:12
  that
• 14:12
  conversation,
• 14:13
  that's
• 14:13
  a,
• 14:13
  that's
• 14:14
  a
• 14:14
  red
• 14:14
  flag
• 14:14
  to
• 14:14
  me
• 14:15
  too
• 14:15
  because
• 14:15
  every
• 14:15
  CEO
• 14:16
  should
• 14:16
  be
• 14:16
  able
• 14:16
  to
• 14:16
  have
• 14:16
  that
• 14:17
  conversation,
• 14:17
  which
• 14:17
  another
• 14:17
  mentor
• 14:18
  mine
• 14:18
  said,
• 14:18
  like
• 14:19
  the
• 14:19
  other
• 14:19
  point
• 14:19
  would
• 14:20
  be
• 14:20
  is
• 14:21
  this
• 14:21
  a
• 14:21
  job
• 14:21
  that's
• 14:21
  just
• 14:21
  too
• 14:22
  big
• 14:22
  for
• 14:22
  a
• 14:22
  first
• 14:22
  time
• 14:22
  CEO?
• 14:23
  Like
• 14:24
  that,
• 14:24
  that's
• 14:25
  a
• 14:25
  legitimate
• 14:25
  question
• 14:25
  too.
• 14:26
  I
• 14:26
  think
• 14:26
  Ford
• 14:27
  should
• 14:27
  be
• 14:27
  asking
• 14:28
  as
• 14:28
  well,
• 14:28
  like,
• 14:28
  do
• 14:29
  you
• 14:29
  need
• 14:29
  to
• 14:29
  know
• 14:29
  how
• 14:29
  to
• 14:30
  be
• 14:30
  a
• 14:30
  CEO
• 14:31
  to
• 14:31
  run
• 14:31
  target
• 14:31
  given
• 14:32
  the
• 14:32
  challenges
• 14:32
  that
• 14:32
  are
• 14:33
  in
• 14:33
  front
• 14:33
  of
• 14:33
  it,
• 14:33
  especially
• 14:33
  from
• 14:34
  a
• 14:34
  growth
• 14:34
  standpoint.
• 14:34
  That's
• 14:35
  another
• 14:35
  thing
• 14:36
  that
• 14:36
  I
• 14:36
  think
• 14:36
  needs
• 14:36
  to
• 14:36
  be
• 14:37
  looked
• 14:37
  at.