Target's Chief Merchant Quits to Run Bed Bath & Beyond
October 09 2019 - 5:34PM
Dow Jones News
By Sarah Nassauer
Target Corp.'s chief merchant, Mark Tritton, has resigned ahead
of the key holiday season to take the top job at Bed Bath &
Beyond Inc., a rival chain that has been struggling to adapt to the
shifting retail landscape.
Mr. Tritton, who joined Target in 2016 from Nordstrom Inc.,
helped launch a collection of house brands for the chain, including
a new line of lingerie and inexpensive toiletries. The moves, along
with Target's recent investments in its stores and ecommerce,
helped reverse a sales slump.
At Bed Bath & Beyond, he will take over a 1,900-store chain
that competes with Target and has been contending with falling
sales and board upheaval. The housewares chain, under pressure from
activist investors, has been looking for new permanent CEO since
earlier this year. Mr. Tritton will join as chief executive and a
board member on Nov. 4.
Target said two existing executives will take over Mr. Tritton's
duties on an interim basis and report directly to CEO Brian
Cornell. The company said it isn't conducting an external search
for a new merchandising chief.
Target also said it promoted Michael Fiddelke to be its chief
financial officer starting Nov. 1, succeeding Cathy Smith, who had
previously announced plans to retire.
Write to Sarah Nassauer at sarah.nassauer@wsj.com
(END) Dow Jones Newswires
October 09, 2019 17:19 ET (21:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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