In a strategic move to sharpen its merchandise and style portfolio, Target Corporation has appointed two experienced retail leaders to its board ahead of Michael Fiddelke's upcoming role as chief executive officer in February. The additions of John Hoke III, formerly Nike's chief innovation officer, and Steve Bratspies, ex-CEO of HanesBrands, aim to leverage their merchandising expertise to restore Target’s competitive edge.
The expansion raises Target’s board to 15 members, according to company spokespeople. This effort is directed at reversing a concerning trend of three consecutive quarters of declining comparable sales and a notable 22% drop in the stock value over the previous year. Target has faced considerable pressures, including competition from Amazon and Walmart that challenges its pricing position and a loss of its once-distinct 'cheap-chic' brand identity. Furthermore, activist investor Toms Capital Investment Management reportedly accumulated a stake in Target late last year, reflecting investor concern about the retailer’s performance.
Additional scrutiny has emerged following Target’s rollback of diversity, equity, and inclusion policies in the preceding year, which has sparked public backlash.
Michael Fiddelke, the current chief operating officer set to assume the CEO role, has outlined three key priorities to drive the company’s turnaround: enhancing merchandise quality, value, and style; delivering a consistent and engaging shopper experience; and expanding the application of technology in operational processes.
John Hoke III’s retail background is substantial, including over three decades at Nike during which he was the company’s inaugural chief innovation officer, overseeing global design, innovation, and brand development initiatives. Steve Bratspies brings leadership experience from HanesBrands, steering the company until its acquisition by Gildan Activewear last year, and holds extensive merchandising experience from his 15-year tenure at Walmart, where he served as chief merchandising officer from 2015 to 2020.
Both Hoke and Bratspies have previous connections to Target. Hoke's tenure at Michael Graves Architecture & Design involved developing iconic Target consumer products, such as the 'Spinning Whistle Teakettle,' while Bratspies held senior roles at PepsiCo’s Frito-Lay North America, a division formerly overseen by former Target CEO Brian Cornell during his leadership of PepsiCo Americas Foods.
Hoke is scheduled to join the board on March 1, with appointments to the governance, sustainability, and compensation committees. Bratspies will start on April 1, joining the audit and finance committees.