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Bed Bath & Beyond replaces CEO Tritton as sales sink

06/29/2022 | 07:47am EDT

June 29 (Reuters) - Bed Bath & Beyond Inc on Wednesday replaced Chief Executive Officer Mark Tritton as part of a management shake-up to reverse a slump in its business, the home goods retailer said.

Shares fell 13% in premarket trading as the company's first-quarter net sales slumped 25%, rounding off a year of sales slipping below market expectations.

The rejig at the top management comes just a few months after activist investor and billionaire Ryan Cohen criticized the retailer for an "overly ambitious" strategy, overpaying top executives and failing to reverse market share losses.

Cohen, who is also the chairman of GameStop Corp, had disapproved of Tritton's $27 million compensation over the last two years, saying it was far more than what top bosses earned at bigger retailers including Macy's, Kohl's , and Dollar Tree.

"Mr. Tritton should recognize that chief executives who are awarded outsized compensation and seek frequent publicity also invite much higher expectations when it comes to growth and shareholder value creation," Cohen said in March.

The company subsequently reached an agreement with Cohen by appointing three new directors, two of them to the committee exploring options for its baby products unit.

On Wednesday, it named the head of the strategy committee and independent director Sue Gove as Tritton's replacement on an interim basis.

Tritton was made CEO in 2019 soon after the retailer settled with another set of activist investors who had criticized it for failing to adapt quickly to a shift in consumer preference to shop online.

Bed Bath & Beyond also replaced its chief merchandising officer Joe Hartsig with Mara Sirhal, general manager of its Harmon health and beauty stores, as it looks to overcome supply chain issues that have plagued it for most of the pandemic.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

© Reuters 2022
Stocks mentioned in the article
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BED BATH & BEYOND INC. 1.14% 10.63 Delayed Quote.-27.09%
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Financials (USD)
Sales 2023 6 498 M - -
Net income 2023 -665 M - -
Net Debt 2023 1 142 M - -
P/E ratio 2023 -1,27x
Yield 2023 -
Capitalization 847 M 847 M -
EV / Sales 2023 0,31x
EV / Sales 2024 0,39x
Nbr of Employees 32 000
Free-Float 19,9%
Duration : Period :
Bed Bath & Beyond Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BED BATH & BEYOND INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 10,63 $
Average target price 4,24 $
Spread / Average Target -60,2%
EPS Revisions
Managers and Directors
Sue E. Gove Chief Executive Officer & Director
Gustavo Arnal Chief Financial Officer & Executive Vice President
Harriet Edelman Independent Chairman
John R. Hartmann Chief Operating Officer & Executive Vice President
Andrea M. Weiss Independent Director
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