Bed Bath & Beyond Hires Ex-Target Exec as its New CEO

Bed Bath & Beyond ended its four-month search for a new CEO when it named Mark Tritton, Target's chief merchandising officer, to the role on Wednesday. Tritton worked in Target's C-suite for three years, helping build its popular stable of private-label clothing and home furnishings' brands. He has also been an executive at Nordstrom, Nike and Timberland. Bed Bath & Beyond's decision to seek out a new leader from a top competitor won Wall Street's support. Bed Bath & Beyond's stock was 22 percent higher — its best day since March. Interim CEO Mary Winston will continue to serve on the company's board of directors.
Total Retail's Take: While there's enthusiasm for Tritton's hiring, he inherits a major challenge in trying to turn around the struggling retailer. For example, Bed Bath & Beyond is ramping up store closures as same-store sales plummet, consumers view the company as a promotion-driven retailer that's solely competing on price, and it has fallen behind online competitors such as Amazon.com and Wayfair. That's a lot working against Tritton as he takes the top spot. However, he does come from Target, which is enjoying a very strong year, and is presumably at least somewhat responsible for that retailer's transformation, particularly building its popular private-label clothing and home furnishings' brands. Bed Bath & Beyond could use some of that same magic.
- People:
- Mark Tritton

Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.