Bed Bath & Beyond taps former Target exec to be new CEO
NEW YORK (AP) — Struggling home goods chain Bed Bath & Beyond has named Target's former chief merchandising officer to be its new CEO and president.
The Union, New Jersey-based chain says that Mark J. Tritton, a 30-year-retail industry veteran, will assume the top role on Nov. 4. Tritton succeeds interim CEO Mary A. Winston.
Shares of Bed Bath & Beyond soared more than 21% in after-market trading Wednesday following the announcement.
During his three-year tenure at Target, Tritton revived private-label brands and launched more than 30 brands in 2 1/2 years.
Bed Bath & Beyond, which also operates buybuy Baby, Christmas Tree Shops and Cost Plus World Market, has wrestled with weak sales amid increasing competition from the likes of HomeGoods and Amazon.