Bed Bath & Beyond Is Doubling Down on Private Label
Late last year, before the coronavirus contagion became the one thing that mattered the most, struggling retailer Bed Bath & Beyond (NASDAQ: BBBY) began putting some much-needed change in place. Namely, it hired former Target (NYSE: TGT) merchandising executive Mark Tritton as its new CEO in October, who in December sent the vast majority of his executive management team packing.
The sweeping move solidified the idea that he was going to try and recreate his success at Target, which was largely rooted in private label goods. Any executive not completely on board with (or up to fulfilling) his vision for the retailer's overhaul is no longer around.
However, the company's been strangely slow to replace those former members of Tritton's management team. Joe Hartsig wasn't named chief merchandising officer until March of this year. New Chief Operating Officer John Hartmann wasn't brought on board until April, and Gustavo Arnal was only named CFO in late April. Chief Brand Officer Cindy Davis wasn't put in place until May.
Source Fool.com
