Bed Bath and Beyond Just Tapped a Target Executive as CEO

Shares of Bed Bath and Beyond were soaring this week after Wall Street learned that the company has tapped former Target executive Mark Tritton to be its new CEO.

Bed Bath and Beyond shares exploded over 20% in after-hours trading on Wednesday when Wall Street learned the news.

Tritton will be the company’s new president and CEO effective on November 4th and will be taking CEO Mary Winston’s place.

As part of Tritton’s order of business at the company, he will be improving the in-store and online shopping experiences as well as widening Bed Bath and Beyond’s merchandise assortment.

Tritton was a former executive vice president and chief merchandising officer at Target. Part of his duties included helping to make shopping at Target seamless for customers whether they were in store or purchasing items online. He has over 30 years of experience in the retail industry, including tenure with Nordstrom, Timberland and Nike.

“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,” said Patrick Gaston, Bed Bath & Beyond’s chairman of the board.”

He added, “As an integral contributor to Target’s impressive transformation, we will benefit from his vision, leadership, and creativity to successfully transform our business.”

Bed Bath & Beyond recently announced that it would close 60 stores by the end of 2019.

Disclaimer: We have no position in Bed Bath & Beyond Inc. (NASDAQ: BBBY) mentioned and have not been compensated for this article.