BED BATH & BEYOND INC. NAMES MARK J. TRITTON AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
NION, N.J. -- Bed Bath & Beyond Inc. has announced the appointment of Mark J. Tritton as president and chief executive officer (CEO) and as a member of its board of directors, effective Nov. 4, 2019. He succeeds interim CEO, Mary A. Winston.
Mr. Tritton has over 30 years of experience in the retail industry, including most recently as Executive Vice President and Chief Merchandising Officer at Target Corporation, where he was instrumental in transforming the omni-channel shopping experience. He has end-to-end retail industry experience in merchandising, design, manufacturing, marketing and distribution at some of the world's leading iconic retailers and brands. In addition to Target, this includes Nordstrom, Inc., Timberland LLC and Nike, Inc.
"We are thrilled to announce a president and CEO with one of the most impressive resumes in the business," said Patrick R. Gaston, Bed Bath & Beyond's Chairman of the Board. "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."
Mr. Gaston continued, "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."
Ms. Winston has served as interim CEO since May 12, 2019, during the search for a permanent successor. She will continue to serve on the Board of Directors and will work closely with Mr. Tritton and Mr. Gaston to facilitate an orderly and efficient transition.
When Mr. Tritton joins Bed Bath & Beyond, his immediate focus will be on accelerating the Company's ongoing business transformation. This includes improving the omni-channel experience for consumers, enhancing the merchandise assortment and reviewing the Company's cost structure and asset base.
Mr. Tritton stated, "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."
Mark J. Tritton will become Bed Bath & Beyond's next president and CEO and a member of its Board of Directors on Nov. 4, 2019. He is joining Bed Bath & Beyond from Target Corporation, the second-largest general merchandise retailer in the U.S. with 1,900 stores and distribution centers across all 50 states.
As executive vice president, chief merchandising officer at Target, Mr. Tritton:
-Served as a key member of the executive leadership team that transformed the company, including building a new durable retail model that repositioned the retailer's long-term relevance with customers and positioned the business to grow profitably over time.
-Created and executed a vision for turning around Target's private-label strategy, reviving the company's existing brands and launching over 30 brands in two and a half years.
-Right-sized the company's price-value equation and brand positioning, resulting in higher regular price sales and profitability.
During his tenure at Target, the company achieved eight straight quarters of comparable sales increases, the best two-year stack performance in over a decade.
Additionally, while serving as EVP of Nordstrom's Product Group (NPG), Mr. Tritton:
-Oversaw merchandising, design, manufacturing, marketing and the omni-channel distribution of over 50 private-label brands across the company's full retail portfolio.
-Doubled the private-label business and created distinct brand assets. At approximately 10% of total Nordstrom multi-channel sales volume, NPG exceeded $1.5 billion in annual revenue during his tenure.
-Established Nordstrom as a global benchmark for retailers, taking an integrated approach to the in-store experience and digital marketing.
Mr. Tritton has served in leadership roles with other retail brands, including Timberland, LLC and Nike, Inc.
A native of Australia, he holds a Bachelor of Education in English and History from the University of Sydney.