Bed Bath inks Target exec. as new CEO

Bed Bath & Beyond Inc. has named a new CEO and president, effective Nov. 4.

Mark J. Tritton will take over leading the Union-based retailer, the company said on Wednesday. He was also named a member of the board of directors.

Tritton, who has more than 30 years of experience in the retail industry, is succeeding interim CEO Mary A. Winston.

He most recently served as executive vice president and chief merchandising officer at Target Corp. In addition to Target, he spent time at Nordstrom Inc., most recently as executive vice president of its Product Group, as well as Timberland LLC and Nike Inc.

“We are thrilled to announce a president and CEO with one of the most impressive resumes in the business,” Patrick R. Gaston, chairman of the board, Bed Bath & Beyond, said. “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.”

“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,” Gaston said.

Winston served as interim CEO since May, during the search for a permanent replacement. She will continue to serve on the board of directors and work closely with Tritton and Gaston to ensure a smooth transition.

Tritton will be first tasked with accelerating Bed Bath’s ongoing business transformation, which includes improving the omnichannel experience for consumers, enhancing its merchandise and reviewing the company’s cost structure and asset base.

“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,” Tritton said.