Bed Bath & Beyond’s CEO is out as sales tumble
New York (CNN Business) Bed Bath and Beyond CEO Mark Tritton is out after only three years at the helm of the rapidly sinking retailer.
The beleaguered company announced multiple changes to its leadership Wednesday, including replacing Tritton. In the interim, Bed Bath and Beyond has tapped Sue Grove, an independent director on the company’s board, as its CEO until it finds someone permanent for the position.
“We must deliver improved results,” Grove said in a statement. “Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success.”
Bed Bath and Beyond BBBY Target TGT poached Tritton fromin 2019. He was previously in charge of expanding Target’s private label brands, which he tried to replicate at Bed Bath and Beyond. But those items haven’t caught on with customers the same way they did at competitors — nor did the company’s redesigned stores.
Tritton’s efforts did little to mask the company’s deep-seated problems. On Wednesday, the chain reported significantly lower-than-expected earnings for the past quarter, and the brand’s sales declined 27% from the same period a year ago.
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