Bed Bath & Beyond Names Former Target Executive as New CEO
The struggling Bed Bath & Beyond has brought in Target’s chief merchandising officer Mark Tritton as its new CEO, ending a four-month-long search that began when activist investors called for former CEO Steven Temares’ resignation and a board overhaul.
While investors celebrated the news, sending Bed Bath & Beyond’s shares up 22%, analysts were more skeptical, saying that Bed Bath & Beyond’s problems are deep-rooted, as are negative perceptions about the retailer among consumers.
Neil Saunders from GlobalData Retail complimented the appointment and told CNN Business it’s “just what the company needs.”
“Creating change at of Bed Bath & Beyond will not be easy,” he said. “The problems are deep rooted and, among consumers, views about the chain are entrenched.”