“Many years of data, insights, listening and learning have been shaping this next chapter in our strategy,” Fernandez wrote in the memo. “And as a retailer that serves millions of consumers every day, we understand the importance of staying in step with the evolving external landscape, now and in the future.” 

Target’s memo signals an end to the company’s quota set to sell a certain percentage of merchandise from black-owned businesses. This DEI practice was implemented following the 2020 Black Lives Matter protests in response to the death of George Floyd. The company will also be ending its three-year DEI goals. However, it had already planned to end its Racial Equity Action and Change initiatives this year.

In addition to dropping its own DEI initiatives, Target won’t be participating in national diversity surveys, such as the Human Rights Campaign’s Corporate Equality Index, which measures how a company treats its LGBTQ employees.

“We remain focused on driving our business by creating a sense of belonging for our team, guests and communities through a commitment to inclusion,” Target’s memo said. “Belonging for all is an essential part of our team and culture, helping fuel consumer relevance and business results.”

Target’s memo came just days after President Donald Trump signed an executive order prohibiting federal agencies from implementing DEI polices.

Meanwhile, other large companies, such as Costco and Apple, are standing by their DEI targets. Costco shareholders rejected the company’s offer to end its DEI initiatives.