NEW YORK, Jan 22 (Reuters) - Target on Thursday elected two new directors to its board ahead of Michael Fiddelke's ascension as the retailer's chief executive in February.
The board elected John Hoke III, former chief innovation officer at Nike, and Steve Bratspies, former CEO of HanesBrands, who are both merchandising experts tasked with helping Fiddelke elevate Target's style and product offerings, which have recently lost favor with shoppers.
Target's board will expand to 15 directors with the new
appointments, a spokesperson said.
The appointments aim to restore growth after Target reported three consecutive quarters of declining comparable sales and has struggled to boost its stock, which has lost 22% of its value over the past year.
Target is also facing pressure from activist investor Toms Capital Investment Management, which reportedly built a stake in the retailer in December following sales struggles, loss of its cheap-chic cachet, and inability to match prices with rivals Amazon and Walmart. Target has also faced backlash over rolling back diversity, equity and inclusion policies last year.
Fiddelke, currently COO, has outlined three priorities: improving merchandise quality, value and style; ensuring consistent shopper experiences; and expanding technology use across operations.
Hoke spent over 30 years at Nike, serving as its first chief innovation officer and leading global design, innovation and brand development. Bratspies led HanesBrands from 2020 until Gildan Activewear's acquisition last year and previously spent 15 years at Walmart, including as chief merchandising officer from 2015 to 2020.
Both have Target connections: Before Nike, Hoke worked at Michael Graves Architecture & Design, which created iconic Target household products such as the "Spinning Whistle Teakettle," while Bratspies held senior roles at PepsiCo's Frito-Lay North America, once part of PepsiCo Americas Foods, which current Target CEO Brian Cornell led from 2012 to 2014.
Hoke joins Target's board on March 1 and will serve on its governance, sustainability and compensation committees. Bratspies joins April 1 and will serve on audit and finance committees, Target said.
(Reporting by Siddharth Cavale in New York; Editing by Chris Reese)
