UNION, N.J., Oct. 9, 2019 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced the appointment of
Mark J. Tritton as President and
Chief Executive Officer (CEO) and as a member of its Board of
Directors, effective November 4,
2019. He succeeds interim CEO, Mary
A. Winston.
Mr. Tritton has over 30 years of experience in the retail
industry, including most recently as Executive Vice President and
Chief Merchandising Officer at Target Corporation, where he was
instrumental in transforming the omni-channel shopping experience.
He has end-to-end retail industry experience in merchandising,
design, manufacturing, marketing and distribution at some of the
world's leading iconic retailers and brands. In addition to Target,
this includes Nordstrom, Inc., Timberland LLC and Nike, Inc.
"We are thrilled to announce a President and CEO with one of the
most impressive resumes in the business," said Patrick R. Gaston, Bed Bath & Beyond's
Chairman of the Board. "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. As an
integral contributor to Target's impressive transformation, we will
benefit from his vision, leadership, and creativity to successfully
transform our business."
Mr. Gaston continued, "The Board and I would also like to thank
Mary Winston for her dedication to
the Company as interim CEO. In just a few months, she has put in
place a strong foundation for Mark and the wider company to build
upon in the years to come."
Ms. Winston has served as interim CEO since May 12, 2019, during the search for a permanent
successor. She will continue to serve on the Board of Directors and
will work closely with Mr. Tritton and Mr. Gaston to facilitate an
orderly and efficient transition.
When Mr. Tritton joins Bed Bath & Beyond, his immediate
focus will be on accelerating the Company's ongoing business
transformation. This includes improving the omni-channel experience
for consumers, enhancing the merchandise assortment and reviewing
the Company's cost structure and asset base.
Mr. Tritton stated, "There is immense opportunity ahead for Bed
Bath & Beyond, which remains one of the most recognizable and
best loved retailers in the country today. The foundation of the
Company's transformation has been set and I'm excited at the chance
to apply my industry experience and expertise to build an even
better business for customers, associates, and shareholders. I look
forward to working together with all associates and the Board of
Directors to achieve our ambitious vision for the future of Bed
Bath & Beyond."
Executive Profile
Mark J. Tritton will become Bed
Bath & Beyond's next President and CEO and a member of its
Board of Directors on November 4,
2019. He is joining Bed Bath & Beyond from Target
Corporation, the second-largest general merchandise retailer in the
U.S. with 1,900 stores and distribution centers across all 50
states.
As Executive Vice President, Chief Merchandising Officer at
Target, Mr. Tritton:
- Served as a key member of the executive leadership team that
transformed the company, including building a new durable retail
model that repositioned the retailer's long-term relevance with
customers and positioned the business to grow profitably over
time.
- Created and executed a vision for turning around Target's
private-label strategy, reviving the company's existing brands and
launching over 30 brands in two and a half years.
- Right-sized the company's price-value equation and brand
positioning, resulting in higher regular price sales and
profitability.
- During his tenure at Target, the company achieved eight
straight quarters of comparable sales increases, the best two-year
stack performance in over a decade.
Additionally, while serving as EVP President of Nordstrom's
Product Group (NPG), Mr. Tritton:
- Oversaw merchandising, design, manufacturing, marketing and the
omni-channel distribution of over 50 private-label brands across
the company's full retail portfolio.
- Doubled the private-label business and created distinct brand
assets. At approximately 10% of total Nordstrom multi-channel sales
volume, NPG exceeded $1.5 billion in
annual revenue during his tenure.
- Established Nordstrom as a global benchmark for retailers,
taking an integrated approach to the in-store experience and
digital marketing.
Mr. Tritton has served in leadership roles with other retail
brands, including Timberland, LLC and Nike, Inc.
A native of Australia, he holds
a Bachelor of Education in English and History from the
University of Sydney.
About the Company
Bed Bath & Beyond Inc. and
subsidiaries (the "Company") is an omnichannel retailer that is the
trusted expert for the home and heart-felt life events. The Company
sells a wide assortment of domestics merchandise and home
furnishings. The Company also provides a variety of textile
products, amenities and other goods to institutional customers in
the hospitality, cruise line, healthcare and other industries.
Additionally, the Company is a partner in a joint venture which
operates retail stores in Mexico
under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, worldmarket.com, buybuybaby.com,
buybuybaby.ca, christmastreeshops.com, andthat.com,
harmondiscount.com, facevalues.com, ofakind.com, onekingslane.com,
personalizationmall.com, decorist.com, harborlinen.com, and
t-ygroup.com.
Forward-Looking Statements
This press release contains
forward-looking statements, including, but not limited to, the
Company's outlook for its progress and anticipated progress towards
its long-term objectives. Many of these forward-looking statements
can be identified by use of words such as may, will, expect,
anticipate, approximate, estimate, assume, continue, model,
project, plan, goal, and similar words and phrases. The Company's
actual results and future financial condition may differ materially
from those expressed in any such forward-looking statements as a
result of many factors. Such factors include, without limitation:
general economic conditions including the housing market, a
challenging overall macroeconomic environment and related changes
in the retailing environment; consumer preferences, spending habits
and adoption of new technologies; demographics and other
macroeconomic factors that may impact the level of spending for the
types of merchandise sold by the Company; civil disturbances and
terrorist acts; unusual weather patterns and natural disasters;
competition from existing and potential competitors across all
channels; pricing pressures; liquidity; the ability to achieve
anticipated cost savings, and to not exceed anticipated costs,
associated with organizational changes and investments; the ability
to attract and retain qualified employees in all areas of the
organization, the cost of labor, merchandise and other costs and
expenses; potential supply chain disruption due to trade
restrictions, political instability, labor disturbances, product
recalls, financial or operational instability of suppliers or
carriers, and other items; the ability to find suitable locations
at acceptable occupancy costs and other terms to support the
Company's plans for new stores; the ability to establish and
profitably maintain the appropriate mix of digital and physical
presence in the markets it serves; the ability to assess and
implement technologies in support of the Company's development of
its omnichannel capabilities; uncertainty in financial markets;
volatility in the price of the Company's common stock and its
effect, and the effect of other factors, on the Company's capital
allocation strategy; risks associated with the ability to achieve a
successful outcome for its business concepts and to otherwise
achieve its business strategies; the impact of intangible asset and
other impairments; disruptions to the Company's information
technology systems including but not limited to security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; reputational risk
arising from challenges to the Company's or a third party product
or service supplier's compliance with various laws, regulations or
standards, including those related to labor, health, safety,
privacy or the environment; reputational risk arising from
third-party merchandise or service vendor performance in direct
home delivery or assembly of product for customers; changes to
statutory, regulatory and legal requirements, including without
limitation proposed changes affecting international trade; changes
to, or new, tax laws or interpretation of existing tax laws; new,
or developments in existing, litigation, claims or assessments;
changes to, or new, accounting standards; foreign currency exchange
rate fluctuations; and the integration of acquired businesses. The
Company does not undertake any obligation to update its
forward-looking statements.
CONTACTS:
Media Contact
Dominic Pendry, (347) 604-0381 OR
dominic.pendry@bedbath.com
Investor Relations Contact
Janet
M. Barth, (908) 613-5820 OR IR@bedbath.com
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SOURCE Bed Bath & Beyond Inc.