Just a month into the job from Target, new Bed Bath & Beyond CEO Mark Tritton has let go six executives as he seeks to turn around the struggling home goods retailer after years of negative results.
Among those leaving are the company’s chief merchandising officer, chief marketing officer, chief digital officer, general counsel and chief administrative officer. Last week its chief brand officer resigned. Former CEO Steven Temares, who held the role since 2003, stepped down in May amidst pressure from three activist investors.
Bed Bath & Beyond has added interim leads but is actively recruiting for the chief merchandising officer, chief digital officer and general counsel positions, and will be combining chief marketing and chief brand officer into one position.
“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,” Tritton said in a release announcing the housecleaning. “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.”
Tritton’s impressive track record at Target bodes well for the turnaround effort. While chief merchandising officer there, he ran the company’s private-label business, launching numerous brands, some of which are doing north of $1 billion in sales, according to CNBC.
Bed Bath & Beyond said Tritton will launch his new vision for the company in early 2020. “The new team will be charged with streamlining decision-making, accelerating the pace of transformation, and re-establishing Bed Bath & Beyond’s authority in the home space through a more customer focused, omnichannel retail operation, a redefined product assortment, and a more convenient and inspirational shopping experience,” the company stated.
Same-store sales at Bed Bath & Beyond have been declining for the past three years, while revenue has been down for the past three quarters, and net income for the past 10. It also owns buybuy Baby and World Market, and has a total of 1,500+ U.S. stores.
In April, Bed Bath & Beyond announced it would close 40 stores after this year’s peak holiday season, then upped the number to 60 in October. Forty will be Bed Bath & Beyond doors, with the balance coming from the other brands.