UNION, N.J., Dec. 17, 2019 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced an extensive restructure
of its leadership team, including the departure of six senior
members. This bold pivot reflects the priorities of new
President and CEO, Mark Tritton, who
will launch his new vision for the Company in early 2020. The
new 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.
Mark Tritton, Bed Bath &
Beyond's President and CEO said:
"We've helped millions of people make it easy to feel at home
for almost half a century and our business remains uniquely placed
to play an essential role in our customers' lives. To do so,
we need to make the business we call home, as special as our
customers make theirs.
This is the first in a number of important steps we're
taking. 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."
In redefining the structure and roles of the new leadership
team, five senior members are leaving their positions, including
the Chief Merchandising Officer, Chief Marketing Officer, Chief
Digital Officer, Chief Legal Officer & General Counsel, and
Chief Administrative Officer. The sixth member, the Chief
Brand Officer, resigned last
week. While interim leads have been appointed, the Company
has commenced a search to fill the positions of Chief Merchandising
Officer, Chief Digital Officer, General Counsel, as well as a newly
combined Chief Marketing and Brand
Officer position.
Mark Tritton continued:
"As we look to the future, I would like to thank all those
leaving today for their work and commitment to our business over
many years."
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.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's 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.
View original
content:http://www.prnewswire.com/news-releases/bed-bath--beyond-inc-announces-extensive-changes-to-leadership-team-300975715.html
SOURCE Bed Bath & Beyond Inc.