Bed Bath & Beyond Inc. (NASDAQ:BBBY) saw its shares jump Thursday, after the retailer reported that Mark Tritton will succeed Mary Winston as chief executive officer.
The company, out of Union, New Jersey, pointed out in Thursday’s news release that Tritton brings with him over 30 years of experience in the retail industry, including most recently as Executive Vice President and Chief Merchandising Officer at Target (NYSE:TGT), where he was instrumental in transforming the omni-channel shopping experience.
He has, according to the release, "end-to-end retail industry experience in merchandising, design, manufacturing, marketing and distribution at some of the world's leading iconic retailers and brands."
Said Board Chair Patrick Gaston, "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.
"As an integral contributor to Target's impressive transformation, we will benefit from his vision, leadership, and creativity to successfully transform our business."
Tritton officially takes over as President and CEO on November 4, at which time he will also take his seat on the board of directors.
He’ll focus on accelerating the company’s ongoing business transformation.
For her part, Winston will continue to serve on the Board of Directors "and will work closely with Tritton and Gaston to facilitate an orderly and efficient transition."
Shares in BBBY hiked $2.42, or 24.4%, to $12.36
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