The Retail Industry Is Dealing with an “Exodus” of CEOs
Bed Bath & Beyond, Under Armour, Nike, Pier 1, and now Gap. Analysts are sounding the alarm over an unusual trend: retail CEOs are stepping down in a relatively strong economy. CEO turnover at publicly traded retailers is well above the historical average. As retailers struggle to stay afloat, boards are becoming less patient with failure, and seemingly more quick to initiate massive changes at the executive level. At the same time, there are only so many potential CEOs to choose from.
Under Armour, Best Buy, Overstock and Pier 1 have all filled their top posts internally. Others, though, are looking to competitors: John Donahoe, the former CEO of eBay, will soon lead Nike. Bed Bath & Beyond is replacing its longtime chief executive with Mark Tritton, Target’s former chief merchandising officer.