Bed Bath & Beyond taps former Target exec to be new CEO

Business
Mark Tritton

FILE – In this Oct. 25, 2016, file photo, Mark Tritton, executive vice president and chief merchandising officer for Target, discusses some of the holiday products to be offered by the retailer in New York. Struggling home goods chain Bed Bath & Beyond has named Target’s former chief merchandising officer Tritton to be its new CEO and president. He will assume the top role on Nov. 4, 2019, succeeding interim CEO Mary A. Winston. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Struggling home goods chain Bed Bath & Beyond has named Target’s former chief merchandising officer to be its new CEO and president.

The Union, New Jersey-based chain says that Mark J. Tritton, a 30-year-retail industry veteran, will assume the top role on Nov. 4. Tritton succeeds interim CEO Mary A. Winston.

Shares of Bed Bath & Beyond soared more than 21% in after-market trading Wednesday following the announcement.

During his three-year tenure at Target, Tritton revived private-label brands and launched more than 30 brands in 2 1/2 years.

Bed Bath & Beyond, which also operates buybuy Baby, Christmas Tree Shops and Cost Plus World Market, has wrestled with weak sales amid increasing competition from the likes of HomeGoods and Amazon.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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