Bed Bath & Beyond Announces That Six Members of Its C-Suite Are Leaving
It took new CEO Mark Tritton of Bed Bath & Beyond less than 2 months to clear out almost the chain’s whole executive suite.
On Tuesday, Bed Bath & Beyond (BBBY) introduced that six members of its C-Suite had been leaving, including its chief marketing officer, chief merchandising officer, and chief digital officer. Three of the six had been with Bed Bath & Beyond for more than 20 years.
The company’s chief working officer and senior vice president of stores also left earlier this year. Meaning the corporate’s chief financial officer is the only remaining executive officer at Bed Bath & Beyond, aside from Tritton, Target’s former chief merchandising officer, who was introduced as CEO in October.
Tritton worked in Target’s C-suite earlier than Bed Bath & Beyond, helping build the chain’s well-liked stable of private-label clothes and home furnishings’ brands. He has additionally been an executive at Nordstrom, Nike, and Timberland.
Bed Bath & Beyond’s choice to bring in a chief executive from a top competitor has won assist on Wall Street. Bed Bath & Beyond’s stock rallied 4% Tuesday on the leadership changes.
Bed Bath & Beyond desperately wants a new vision. It has struggled in recent times to compete with traditional retailers such as Walmart and Target, in addition to online retailers like Amazon and Wayfair.
Tritton can leverage his experience at Target and implement numerous modifications to enhance performance at Bed Tub & Beyond.
Those include adding new unique and private-label brands, enhancing the in-store experience and speeding up deliveries and online pickups
Bed Bath & Beyond reviews earnings next month, and Tritton is expected to increase on his transformation plans then.