Six senior executives have departed Bed Bath & Beyond as part of an extensive restructuring announced by President and CEO Mark Tritton. The company’s new leader is aiming to streamline the decision-making process, accelerate the retailer’s transformation and re-establish the company’s place in the market with improved omnichannel operations, a redefined product assortment and an inspirational shopping experience.
The vacated positions are:
- Chief Merchandising Officer;
- Chief Marketing Officer;
- Chief Digital Officer;
- Chief Legal Officer & General Counsel; and
- Chief Administrative Officer.
Additionally, the retailer’s Chief Brand Officer resigned last week. Interim leads were appointed to the positions, and Bed Bath & Beyond has commenced a search to permanently fill the Chief Merchandising Officer, Chief Digital Officer, General Counsel and newly combined Chief Marketing and Brand Officer positions.
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It’s highly unusual for a retailer to lose this many C-level executives all at once, but 2019 has been a year of unprecedented instability in the boardrooms of many companies. Between January and October 2019, 47 retail CEOs left their positions, compared to 30 during the same period the previous year, according to executive search firm Challenger, Gray & Christmas.
The leadership shakeup is part of a larger turnaround at Bed Bath & Beyond, which also includes a right-sizing that could lead to the closure of up to 60 stores by March 2020, the elimination of the COO position and a 7% reduction in corporate staff in July.
Tritton is a relative newcomer to Bed Bath & Beyond; he joined the company in October from Target, where most recently he served as EVP and Chief Merchandising Officer. Tritton replaced Steven Temares, who was ousted by the Board of Directors in May due to the company’s prolonged poor performance, including a 7.3% sales drop in the retailer’s most recent quarter.
“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,” said Tritton in a statement. “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.”
