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Mark Tritton Out as Bed Bath & Beyond CEO

Tritton has been canned after only three years at the top.

Out of all retailers that have struggled to adapt to the modern climate of business, few have taken as sizable a hit as Bed Bath & Beyond. As prices rise and customers lose interest in in-person shopping, both at the chain and in general, they’ve been hit with multiple cut-backs across the board. Bank of America reports on the company claim that locations have slashed employee hours, cancelled remodeling plans, and even temporarily deactivated store air conditioning just to save money.

As the company flounders, someone needs to take the fall for its current state, and it looks like that someone is its now-former CEO, Mark Tritton. After being poached from Target in 2019, Tritton attempted to employ similar tactics employed by Target at Bed Bath & Beyond, particularly a greater emphasis on store-branded products over name brands. Unfortunately, this didn’t pan out, and the company’s earnings have continued on their downward trend.

With Tritton out, Sue Grove, an independent director on the company’s board, will be serving as its interim CEO until a permanent replacement can be selected. “We must deliver improved results,” Grove said in a statement. “Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success.”

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