Bed Bath & Beyond Enters 2020 Under Cloud of Uncertainty
Just prior to Christmas, Bed Bath & Beyond issued a denial of a number of press reports that it had hired former Target CFO Cathy Smith as its new CFO.
UNION, NJ—President and CEO Mark Tritton has promised the details of a new vision for troubled Bed Bath & Beyond in early 2020, however, the retailer finished 2019 on a rather unsettling and somewhat confusing note.
Just prior to Christmas, Bed Bath & Beyond issued a denial of a number of press reports that it had hired former Target CFO Cathy Smith as its new CFO. Bed Bath & Beyond denied an initial report of Smith’s hire by Seeking Alpha, which had cited Reorg sources via Bloomberg, according to a report in NJ BIZ.
A week earlier, Tritton shook up most of his executive suite, reporting the departure of six senior members of the Bed Bath & Beyond senior team, including the chief merchandising officer, chief marketing officer, chief digital officer, chief legal officer & general counsel and chief administrative officer. The sixth member, the chief brand officer, resigned earlier in the month.
While interim replacements have been appointed, the company reports it has commenced a search to fill the positions of chief merchandising officer, chief digital officer, general counsel, as well as a newly combined chief marketing and brand officer position. Tritton, a former EVP and chief merchandising officer with Target, was named president and CEO of Bed Bath & Beyond in October.
Tritton notes the new team will be charged with streamlining decision-making, accelerating the pace of transformation, and “re-establishing Bed Bath & Beyond’s authority in the home space through a more customer focused, omni-channel retail operation, a redefined product assortment, and a more convenient and inspirational shopping experience.”
“We’ve helped millions of people make it easy to feel at home for almost half a century and our business remains uniquely placed to play an essential role in our customers’ lives,” Tritton said. “To do so, we need to make the business we call home, as special as our customers make theirs.”
Robyn D’Elia remains the company’s chief financial officer and treasurer, according to the company’s website. She was appointed to those posts in 2018 after having served as VP—finance from 2015 to 2018, as VP—controller from 2006 to 2015, VP—financial planning & control in 2006 and assistant controller from 2000 to 2006.