New CEO Already Leaving His Mark at Bed Bath & Beyond
If there was any doubt that new Bed Bath & Beyond (NASDAQ: BBBY) CEO Mark Tritton has enormous changes in mind for the company, they were just wiped away. The company's chief merchandising officer, chief marketing officer, chief digital officer, chief legal officer and general counsel, and its chief administrative officer were just shown the door, following the chief brand officer's resignation earlier this month.
It's not unheard of for a new chief executive to "clean house," so to speak, by pushing out existing management to make room for people he or she may feel more comfortable working with in the future. It is rare, however, for such changes to be so sweeping.
In this case, sweeping changes are probably necessary, as very little of what these executives have co-created over the past few years appears salvageable. With a clean slate, investors can hopefully expect Bed Bath & Beyond to start looking -- and feeling -- like Target (NYSE: TGT), where Tritton has proven his strategy works. And that strategy will likely begin with a strong shift toward more private-label goods.
Source Fool.com
