Big leadership shakeup at Bed Bath & Beyond
The new CEO of Bed Bath & Beyond is cleaning house just six weeks into the job — and in the middle of the holiday season.
The struggling home goods retailer announced the departure of six senior members, including its chief merchandising officer, chief marketing officer and chief digital officer. Also leaving are the chain’s chief legal officer & general counsel, and chief administrative officer.
The sixth member, the chief brand officer, resigned last week. Bed Bath & Beyond said it has begun a search to fill the positions of chief merchandising officer, chief digital officer, general counsel and a newly combined chief marketing and brand officer position.
The leadership shake-up is the first major move by Mark Tritton, the former chief merchandising officer of Target who took the reins at Bed Bath & Beyond in November. In a statement, the company described the move as a “ bold pivot” that reflects the priorities of Tritton, who will launch his new vision for the company in early 2020.
“This is the first in a number of important steps we're taking,” Tritton stated. “Balancing our existing expertise with fresh perspectives from new, innovative leaders of change, will help us to better anticipate and support our customers in their life journeys and shopping needs."
Bed Bath & Beyond has struggled to compete in the disrupted retail marketplace, challenged by traditional retailers such as Target and Walmart and online players such as Amazon. Same-store sales have been declining for three years and its sales growth has fallen for three consecutive quarters. Net income has dropped for 10 straight quarters.
Bed Bath & Beyond said that its new leadership team will be charged with “streamlining decision-making, accelerating the pace of transformation, and re-establishing Bed Bath & Beyond's authority in the home space through a more customer-focused, omnichannel retail operation, a redefined product assortment, and a more convenient and inspirational shopping experience.”
Industry analysts have predicted that Tritton will likely focus on expanding Bed Bath & Beyond’s fledgling private labels and exclusive lines and upgrading its online and in-store experience.