Target Corp TGT:NYSE

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Former Target Executive Tritton Named CEO of Bed Bath & Beyond

4:40AM ET 10/10/2019 MT Newswires
Bed Bath & Beyond (BBBY) named Mark Tritton, formerly a key executive at Target (TGT) as its new chief executive late on Wednesday, ushering in a new era of leadership that is expected to accelerate the company's transformation program.

Union, New Jersey-based Bed Bath & Beyond, which sells home furnishings at its outlets across the country, said that Tritton, who was most recently executive vice president and chief merchandising officer at Target, would take up his new role on Nov. 4, succeeding interim chief executive Mary Winston.

Tritton, who has more than 30 years of experience in the retail industry, also has experience in merchandising, design and manufacturing, at Nordstrom, Timberland and Nike.

The company said that when Tritton joins Bed Bath & Beyond, his "immediate focus" would 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.

"We are thrilled to announce a president and chief executive with one of the most impressive resumes in the business," Patrick Gaston, Bed Bath & Beyond's chairman of the board, said. "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."

Earlier in October, Bed Bath & Beyond reiterated that its fiscal 2019 full-year results continue to be in line with the company's most recent guidance. It said that fiscal 2019 full-year net sales are estimated to be around $11.4 billion and net earnings per diluted share are estimated to be between $2.08 and $2.13.

Bed Bath & Beyond shares climbed 18.2% in pre-market trading.

Price: 11.75, Change: +1.81, Percent Change: +18.21