Bed Bath & Beyond reported that 6 senior members are departing the company, as part of a larger shakeup within the large corporation.
Six high-ranking members, including the chief merchandising officer, digital officer, and chief marketing officer plan to leave the company. New CEO, Mark Tritton has a plan that says will be released in early 2020.
Bed Bath & Beyond has had a strong fiscal year, as shares climbed 34% throughout the year, a strong showing despite a competitive field. However, the company has struggled, as it saw "a three-year decline in same-store sales, while its sales growth has fallen for three consecutive quarters" (CNBC).
This major shakeup by Tritton reflects his choice to shakeup the retail market as it aims to compete with other large retailers, as well as online powerhouses such as Amazon.
Tritton has been apart of Bed Bath & Beyond since November 4th, after a career with notable competitor, Target. He has previously worked at Nordstrom, Timberland, and Nike. His decision to release 6 senior executives is a risky move amid the holiday season rush.
Tritton's goal as CEO is to balance "our existing expertise with fresh perspectives from new, innovative leaders of change," which will help Bed Bath & Beyond "to better anticipate and support our customers in their life journeys and shopping needs" (CNBC).
It is expected that despite the loss of top executives, Tritton's vision for the company will grow Bed Bath & Beyond's private labels and exclusive brands, to make shopping in stores a better overall experience.