New Bed Bath & Beyond CEO Shakes up Senior Management Team

TRENTON, N.J. (AP) — Six senior executives are being ousted at at Bed Bath & Beyond [BBBY], the first major maneuver by new CEO Mark Tritton, whom the retailer recruited from Target.

The chain has suffered a three-year decline in same-store sales growth, while sales growth has dropped for three consecutive quarters. Gross income has dropped for 10 straight quarters.

The departures announced Tuesday include the company’s:

• Chief Merchandising Officer
• Chief Marketing Officer
• Chief Digital Officer
• Chief Legal Officer & General Counsel
• Chief Administrative Officer
• The sixth member, the Chief Brand Officer, resigned last week.

“This is the first in a number of important steps we’re taking,” said Tritton. 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 need.”

Tritton was named CEO two months ago after successfully rejuvenating Target’s private label brands while launching 30 new brands at the retailer as its chief merchandising officer.

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Sources: AP News, PR Newswire