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Bed Bath & Beyond Investors Cheer Tritton's C-Suite Shakeup

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Bed Bath & Beyond Investors Cheer Tritton's C-Suite Shakeup

Struggling retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) confirmed Tuesday it's parting ways with five executives.

What Happened At Bed Bath & Beyond

Bed Bath & Beyond CEO Mark Tritton has been on the job for just over a month and said Tuesday five high-level executives will leave their roles. The departing executives include heads of merchandising, marketing, digital and legal.

Coupled with the resignation of the company's chief brand office last week, Bed Bath & Beyond has now parted ways with six executives.

Tritton said a change in leadership is "the first in a number of important steps" the company is changing, according to The Wall Street Journal. This comes at a time when the company's streak of quarterly same-store sales declines stands at 10.

Most recently the company reported its first yearly loss ever as a publicly-traded company.

Why It's Important For BBBY

"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," CNBC quoted Tritton as saying.

Tritton's desire to quickly right the ship point "to decisive and bold actions to execute a turnaround," Telsey Advisory Group analyst Cristina Fernandez told CNBC. She says Tritton will likely focus on expanding Bed Bath & Beyond's private labels and exclusive brands, adding self checkout kiosks and improve its delivery capabilities.

Bed Bath & Beyond's stock traded higher by 9.5% to $16.61 per share at time of publication.

Related Links:

Market Loves Bed Bath & Beyond CEO Hire, But Analysts Warn Turnaround Is A Tough Job

Bed Bath & Beyond Analysts React To Q2 Print, Same-Store Sales Miss

Photo by Raysonho/Wikimedia.

 

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