Bed Bath & Beyond hires Target executive as CEO

FILE PHOTO: The sign outside the Bed Bath & Beyond store is seen in Westminster, Colorado, June 22, 2016. REUTERS/Rick Wilking

(Reuters) – Bed Bath & Beyond Inc (BBBY.O) on Wednesday hired Target Corp’s (TGT.N) Mark Tritton as chief executive officer, months after its long-time head, Steven Temares, left the company under pressure from activist investors, sending its shares up 23%.

Tritton joined Target in 2016 and is currently its chief merchandising officer. He takes over his new role at the houseware retailer in November, Bed Bath & Beyond said in a statement.

Tritton’s appointment comes at a time when the company is struggling to keep pace with changing consumer tastes and shopping habits.

Earlier this year, a group of activist investors had piled pressure on the company, citing falling sales under Temares’ leadership. Bed Bath & Beyond’s sales have fallen in eight out of the past 14 quarters.

Since then, the company has cut jobs and eliminated key executive roles in its attempts to reduce costs.

Separately, Target named company veteran Michael Fiddelke chief financial officer and said two executives would assume interim leadership of the retailer’s merchandising organization, which comes months ahead of the crucial holiday shopping season.

Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva

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