Target's Chief Merchant Quits to Run Bed Bath & Beyond

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 [e-mail]

(END) Dow Jones Newswires

October 09, 2019 17:19 ET (21:19 GMT)

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