Shoppers enter a building housing a Bed Bath & Beyond Inc. store in New York.
Mark Kauzlarich | Bloomberg | Getty Images
Shares of Bed Bath & Beyond spiked more than 18% on Wednesday after the company announced Mark Tritton would become its new president and CEO effective November 4.
Tritton will join Bed Bath & Beyond from Target, where he most recently acted as executive vice president and chief merchandising officer. He was instrumental in making shopping at Target seamless for customers whether they were in-store or purchasing items online.
He also led many of Target’s recent store revamps, such as introducing private-label products and helped the company secure collaborations with big-name brands such as Vineyard Vines and Hunter Boots.
“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,” Patrick Gaston, Bed Bath & Beyond’s chairman of the board, said in a statement Wednesday. “As an integral contributor to Target’s impressive transformation, we will benefit from his vision, leadership, and creativity to successfully transform our business.”
Tritton succeeds interim CEO Mary Winston. Winston has been in that role since May and will continue to serve on its board once Tritton takes over.
Tritton’s first order of business at Bed Bath & Beyond will be to improve the in-store and online shopping experiences for customers as well as widen the company’s merchandise assortment.
This is breaking news. Please check back for updates.
— CNBC’s Jasmine Wu contributed to this report.