John Butcher Email and Phone Number

Founded in Minneapolis, Minnesota in 1992, Caribou Coffee is an award-winning, premium coffeehouse in the United States with more than 475 domestic locations and 325 international franchise stores in 11 countries. While all coffee continues to be small batch roasted in Minnesota, Caribou Coffee can be found across the world in grocery stores, mass retailers, club stores, foodservice providers, hotels, entertainment venues, and online at CaribouCoffee.com.Known for commitment to sustainability, Caribou was and remains the first and only major U.S. coffeehouse to serve 100% Rainforest Alliance Certified™ coffees and espresso and use REAL chocolate, vanilla, and caramel in our hand-crafted beverages.

First stint on the Board ended in July, 2021 when the company was taken private. Rejoined the Board in June, 2023. Chaired the Nomination and Governance Committee.

Ran the omni-channnel beauty business, one of Target's focus areas for growth (and over $6B in annual volume). DermStore is an online-only retailer of high-end beauty brands, based in Los Angeles and is now a wholly owned subsidiary of Target. • Developed new relationships with numerous exciting brands that had an immediate impact to our results. The most exciting new partnership was with Harry's who agreed to sell their men's products exclusively at Target. This new line was so successful that within one month 1 in 10 razors sold in the US was a Harry's razor from Target.

Designated as a 2015 corporate priority by the Board, Category Roles is an enterprise initiative tasked to reallocate nearly $4B in assets to accelerate growth of signature categories. Reported directly to CEO.• As sole owner of this process, I worked with the CEO and his leadership team to reduce expenses by $500MM by shifting resources to focus on four signature categories that have high guest affinity and an opportunity for long-term differentiation. • Aligned resources to enhance key capabilities in marketing (SEO, media, guest insights), Target.com (mobile conversion, pricing, functionality), and Merchandising (store space, sku rationalization, weekly ad).

As part of the second wave of leaders sent to Canada, I was tasked by the former CEO to identify issues in the Canadian organization, dramatically accelerate performance and determine the future of Target Canada. • Within the first 4 months my team identified and tackled a list of over 100 “serious” issues, raised the year-end projection by 21% (to $2.1B), and stabilized the team (turnover dropped from 31% before my arrival to less than 5%).• Served as a Target Canada spokesperson and media representative.• Upon determination that the investment required to make the Target Canada enterprise profitable was too great, I was part of the executive team responsible for the liquidation of all assets and complete closure of the business.

Electronics is one of Target’s largest Divisions with $6.5B in annual sales. I had full P&L ownership and led a team of 60 team members. • Secured $250MM in funding and led the team through a major store transformation that drove a 6% comp increase in sales. • Relaunched the Target Mobile business with a new business and service model that drove profitable sales for the first time in many years. • Developed partner relationships and negotiated exclusive product deals with Beats, Bose, iTunes, and other strategic vendor partners.

Sole owner of $3B P&L; responsible for 40 team members.• During a time when competitors were drastically reducing their inventory in books, CDs and DVDs, we executed the largest in-store reinvention in 20 years by using guest insights to guide enhancements in adjacency flow (store layout), navigation, and signing. • Year one sales improved 11 percentage points and Target was the only retailer in the US to drive positive comp growth in physical media in 2012. • Further developed our exclusive music program with key artists which elevated the Target brand and resulted in my being named one of the most influential people in the music industry (Billboard Power 100, 2012). • Strategic partnerships developed with artists such as Adele, Justin Timberlake, Beyoncé and Taylor Swift provided Target guests with additional content, early availability and other exclusive experiences not available through other retailers.

Owned P&L related to inventory; team of 50. Responsible for instocks and inventory for both divisions. • Increased margin by 17% on our $275MM Toy storage program by negotiating improved item selection, tiered discounts and delayed receipt timing.

Each of these areas represented new roles for Target. In the packaging area, I led 110 team members. In Owned Brands, I led a team of 10.• Led the global Packaging team and implemented a new packaging process designed to improve quality and consistency, decrease lead-times, and reduce expenses. • By studying and implementing the best practices of outstanding consumer package goods (CPG) companies our team reduced the number of companies that were providing packaging for Target from 5,700 to 5.• Reduced the number of Target-owned brands from 250+ to 75.• The combined reduction in packaging companies and brands led to over $75MM in first year savings and helped drive a 7% increase in owned brand sales.• Awarded several patents for innovation in packaging and packaging design. • Started the Owned Brand Management team. Developed a process to track brand equity, consolidated the portfolio, and infused measurements and guest research into the development of our brands.

Owned P&L; led a team of 15 for this historically unprofitable category associated with the sale of live plants with a high defective rate (plants don’t last long under florescent lighting). • Moved away from exotic to heartier plants and shifted focus to designer containers which increased sales by 33% and reduced markdowns by 70%. • Established Target’s exclusive relationship with Smith & Hawken. Discontinued selling live plants in General Merchandise stores and led the department to its first Golden Contribution award in 30 years.

• After a brief stint at General Motors I joined Target in Feb, 1997 as a Senior Business Analyst.• Identified as High Potential talent and excelled in several buying and operational roles in Pharmacy, Electronics, Toys, Sporting Goods and Merchandising Operations. • Led the New Store team, charged with the development of a model process and standards development for the opening of new stores.