Written by Warren Shoulberg
Bed Bath & Beyond has gone beyond to find its new president. This afternoon, it named Target CMO Mark J. Tritton as its new president and CEO, effective November 4.
The news has been highly anticipated—and the subject of much speculation (including here on Forbes.com)—since the departure of the former occupant of the office, Steven Temares, this past spring. His exit was brought on by serious agitation from a group of outside investors and was part of a massive upheaval at the legacy retailer that saw its cofounders retiring and most of the board of directors ousted and replaced.
Triton becomes only the third CEO—and the first outsider—in the company’s nearly 50-year history, and he comes into an organization steeped in inbred management and a fair degree of dysfunction as it has failed to keep up with the enormous changes the retail industry has faced over the past ten years. It is generally considered to be overstored, underdeveloped in its e-commerce business, distracted by marginal banners acquired over the years and well behind the curve in merchandising efficiencies, particularly in sourcing and supply-chain management.
Click here to read more.