New Jersey-based Bed Bath & Beyond (NASDAQ: BBBY) has overhauled its leadership ranks ahead of the new year. According to Mark Tritton, CEO of Bed Bath & Beyond, a half-dozen senior executives are leaving the struggling chain. In addition, to the chief brand officer, who resigned last week, the heads of merchandising, marketing, digital, and legal will also be leaving their roles.
Mr. Tritton said in a statement that the leadership changes are “the first in a number of important steps we’re taking.” He continued, “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.” The company has already appointed interim leaders and started looking for a permanent executive team.
Such a big shakeup during the critical holiday selling season is unusual. Earlier this year, Bed Bath & Beyond replaced several directors, including the chain’s co-founders, amid pressure from activist investors. Mr. Tritton, who also has worked at Target, Nordstrom, Timberland, and Nike, joined Bed Bath & Beyond on Nov. 4.
Bed Bath & Beyond has seen a three-year decline in same-store sales, while its net income has dropped for 10 straight quarters. Its sales growth has fallen for three consecutive quarters. The company reported its first yearly loss as a publicly-traded company in the most recent fiscal year.
The ousters mark Mr. Tritton’s first major maneuver since becoming CEO. Bed Bath & Beyond shares surged more than 11 percent after the clean sweep was announced. Bed Bath & Beyond’s shares have climbed 34 percent this year but are down 79 percent over the last five years. The company is valued at about $2.1 billion.