Shoshy Ciment/Business Insider
Bed Bath & Beyond announced that Mark Tritton, chief merchandising officer of Target, will be the new CEO of the company, following a five-month search for a new leader.
Former CEO Steven Temares stepped down in May after a group of investors shared a brutal 168-slide presentation urging him and the board of directors to vacate in order to usher in a new era for the company.
The announcement comes after Bed Bath & Beyond posted another quarter of poor sales performance last week, reporting that comparable sales decreased by 6.7% in the second quarter of 2019.
Visit Business Insider's homepage for more storiesNearly five months after
Bed Bath & Beyond CEO Steven Temares stepped down in response to pressure from activist investors, the struggling company has finally announced a permanent successor.
The company announced on Wednesday that Mark Tritton will serve as Bed Bath & Beyond's next CEO, shortly after news broke that Tritton would be leaving his post as chief merchandising officer at Target. Tritton will officially take the helm on November 4, taking over for Mary Winston, who served as interim CEO during the five-month search.
Earlier this year, a group of
investors published a 168-slide presentation urging a massive leadership overhaul, including replacing Temares and the board of directors. As a result of their effort, five directors stepped down in April, before Temares followed suit in May.
