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Monday, March 1, 2021

Bed Bath & Beyond hires new CEO, a Target veteran

Bed Bath & Beyond shares notched their biggest gain since March after the struggling home goods chain named a new CEO. Mark J. Tritton, a 30-year retail industry veteran and Target’s former chief merchandising officer will take charge of the Union, New Jersey-based company. During his three-year tenure at Target, Tritton revived private-label brands and launched more than 30

brands in 2 1/2 years. Increased competition from Amazon.com, HomeGoods and others has cut into Bed Bath & Beyond’s revenue. The company also operates buybuy Baby, Christmas Tree Shops and Cost Plus World Market. Bed Bath & Beyond shares have been falling for almost five years. It ditched its long-time CEO in May, and since then has been run by interim CEO Mary Winston.

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