Bed Bath & Beyond names former Target executive Mark Tritton new CEO

Oct. 9 (UPI) -- Bed Bath & Beyond announced Wednesday that Mark Tritton will serve as the retailer's new CEO.

Tritton, who most recently served as executive vice president and chief merchandising officer for Target, will serve as the company's new top executive beginning Nov. 4, Bed Bath and Beyond's chairman of the board, Patrick Gaston, said in a statement.

"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," Gaston said.

Tritton said the home goods chain has "immense opportunity" in the future.

"The foundation of the company's transformation has been set and I'm excited at the chance to apply my industry experience and expertise to build an even better business for customers, associates and shareholders," he said.

In April, the company announced it would close 40 stores but open others in new locations.

Tritton will take over the role of CEO from interim CEO Mary A. Winston, who led the company since May 12.

Winston will continue to serve on the company's board of directors.