Bed Bath & Beyond Names Target Executive Mark Tritton CEO, Shares Up 20%

(RTTNews) - Bed Bath & Beyond Inc. (BBBY) Wednesday announced the appointment of Mark Tritton as President and Chief Executive Officer, effective November 4, 2019. Shares of Bed Bath & Beyond jumped 22% in the extended session, following the news.

Tritton, who joins from Target, succeeds interim CEO Mary Winston.

Tritton has over 30 years of experience in the retail industry, including most recently as Executive Vice President and Chief Merchandising Officer at Target, where he was instrumental in transforming the omni-channel shopping experience. In addition to Target, this includes Nordstrom, Inc., Timberland LLC and Nike, Inc.

"We are thrilled to announce a President and CEO with one of the most impressive resumes in the business," said Patrick Gaston, Bed Bath & Beyond's Chairman of the Board. "Mark's ability to re-define the retail experience and drive growth at some of the world's most successful retailers and brands makes him uniquely equipped to lead Bed Bath & Beyond during this critical time in our evolution."

Tritton's immediate focus will be on accelerating the company's ongoing business transformation. This includes improving the omni-channel experience for consumers, enhancing the merchandise assortment and reviewing the company's cost structure and asset base.

BBBY closed Wednesday's trading at $9.94, down $0.01 or 0.05%, on the Nasdaq. The stock, however, gained $2.21 or 22.23% in the after-hours trade.