Bed Bath & Beyond has a new CEO 5 months after activist investors released a brutal presentation slamming the company's leadership
Shoshy Ciment/Business Insider
- Bed Bath & Beyond announced that Mark Tritton, chief merchandising officer of Target, will be the new CEO of the company, following a five-month search for a new leader.
- Former CEO Steven Temares stepped down in May after a group of investors shared a brutal 168-slide presentation urging him and the board of directors to vacate in order to usher in a new era for the company.
- The announcement comes after Bed Bath & Beyond posted another quarter of poor sales performance last week, reporting that comparable sales decreased by 6.7% in the second quarter of 2019.
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Nearly five months after Bed Bath & Beyond CEO Steven Temares stepped down in response to pressure from activist investors, the struggling company has finally announced a permanent successor.The company announced on Wednesday that Mark Tritton will serve as Bed Bath & Beyond's next CEO, shortly after news broke that Tritton would be leaving his post as chief merchandising officer at Target. Tritton will officially take the helm on November 4, taking over for Mary Winston, who served as interim CEO during the five-month search. Advertisement
Earlier this year, a group of investors published a 168-slide presentation urging a massive leadership overhaul, including replacing Temares and the board of directors. As a result of their effort, five directors stepped down in April, before Temares followed suit in May.
"There is immense opportunity ahead for Bed Bath & Beyond, which remains one of the most recognizable and best loved retailers in the country today," he said. "The foundation of the Company's transformation has been set and I'm excited at the chance to apply my industry experience and expertise to build an even better business for customers, associates, and shareholders."Still, Tritton will have his work cut out for him. In a call with investors last week, the retailer reported that comparable sales declined by 6.7% in the second quarter of 2019, while total sales declined by 7.3%. Bed Bath & Beyond has struggled in recent years to adapt to the rise of e-commerce in the home goods industry. According to the press release, Tritton will be dedicated to "improving the omni-channel experience for consumers, enhancing the merchandise assortment and reviewing the Company's cost structure and asset base."Advertisement
"Mark's ability to re-define the retail experience and drive growth at some of the world's most successful retailers and brands makes him uniquely equipped to lead Bed Bath & Beyond during this critical time in our evolution," Patrick Gaston, Bed Bath & Beyond's chairman of the board, said in the press release.
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