Target to Lay off 500 Workers as New CEO Shakes Up Leadership Team

In an internal memo obtained by CNBC, the retailer said Monday that it is increasing store staffing but cutting around 500 jobs at distribution centers and regional offices. 

• Improving shoppers’ in-store experience is a priority for newly minted Target CEO Michael Fiddelke, who took the helm at the beginning of this month.

The company said it was consolidating the number of districts to streamline its store field structure and better empower store directors, prompting the layoffs. It said the restructuring would allow for increased investment in additional in-store labor and guest-experience training.

Target didn’t specify how much it would increase in-store investments, but it also announced a leadership shake-up on Tuesday.

“These structure changes will support growth,” the company said.

Fiddelke, who was appointed in August and officially took the helm this month, has said he wants to improve merchandising, digital capabilities and the store experience. On Tuesday, he said he was replacing the head of merchandising at the company and bringing in a new chief operating officer.

Chief Commercial Officer Rick Gomez will leave the company, while Jill Sando, who oversees merchandising for apparel and accessories, home and Fun101, will retire, Target said.

Home Depot cuts 800 jobs, orders corporate workers back to office full time

Home Depot  has laid off 800 workers associated with its corporate headquarters, part of an effort to boost the company’s speed and focus more on its front-line workers.

• Layoffs affected fewer than 150 roles at the Atlanta headquarters, and the rest worked remotely

The home-improvement retailer also said its corporate employees will have to return to the office five days a week, starting the week of April 6.

Home Depot said the layoffs affected fewer than 150 roles based at its Atlanta headquarters, and the rest worked remotely.

The cuts amount to about 0.2% of the company’s total workforce, given it employed 470,100 people at the end of fiscal year 2024, according to its latest annual filing.

The changes aim to simplify Home Depot’s corporate operations to better support its stores and customers, the company said.

IBM to cut 8,100 jobs

IBM’s latest job cuts mark a decisive turn in the company’s evolution, signaling a shift from traditional operations to an AI- and cloud-driven future. Thousands of employees worldwide face uncertainty as roles tied to legacy systems disappear, while new positions emerge in cutting-edge technology.

In early November 2025, IBM announced plans to cut a “low single-digit percentage” of its 270,000-strong workforce, affecting thousands of positions globally. While U.S. employment remains largely stable, the majority of reductions will occur in Europe and Asia. The restructuring emphasizes AI, hybrid cloud, and software services, echoing a broader trend among Big Tech companies adapting to the AI era.

The layoffs primarily target employees without AI or cloud expertise. Mid-career professionals with four to twelve years of experience face heightened risk, recalling past HR memos referencing “dinobabies”—senior staff encouraged to leave. Back-office roles in HR, finance, procurement, and legacy infrastructure, along with consulting and marketing positions not tied to AI, are being phased out.

While some employees face cuts, IBM is actively hiring for AI and cloud roles, particularly in India and select U.S. hubs. Job postings in India have surged, reflecting a strategy to shift international work to lower-cost regions. U.S. hiring now concentrates on strategic areas such as WatsonX development and hybrid cloud architecture.

This global workforce realignment mirrors moves by peers. Amazon recently announced up to 30,000 corporate layoffs, and Meta cut around 600 positions from its Superintelligence Labs division. Meanwhile, workers across the tech sector report mental health strains due to layoff uncertainty, with 77% citing worsened well-being tied to job anxiety.

Target to cut 1,800 corporate-level jobs

Target announced today it will cut about 1,000 global corporate employees and cut 800 open roles, representing 8% of its headquarters workforce, as part of a major restructuring initiative to accelerate its turnaround.

The company will share details of the changes next Tuesday and asked all U.S. corporate employees to work from home next week, he said in the memo. “It will be difficult,” said Fiddelke. “It’s a necessary step.”

Target has reported 11 consecutive quarters of falling or weak comparable sales growth and named Fiddelke as its next CEO over the summer. 

Fiddelke, who has spent his career at Target, will officially take the role in February, but in August said he was already working to speed up the pace of improvements, including assessing the company’s headquarters structure, and refreshing the retailer’s sharp focus on design.