Bed bath and beyond (NASDAQ:BBBY) continues to strengthen its management team tasked with turning the situation around in a retail environment that has changed dramatically over the past few years. On Monday, the organization appointed Anu Gupta as Chief Strategy and Transformation Officer, effective Oct. 5. Gupta is a former Target executive, where she led its strategy execution and operational excellence initiatives. She will step down as chief operating officer of Jyve Corporation, which specializes in retail optimization and recruitment.
Gupta’s recruitment caps a string of new hire announcements, highlighting questions hanging over CEO Mark Tritton. In the past month, the company has also named a new chief technology officer, a new Director of Supply Chain and a new Head of Store Optimization. As is the case with the transformation aspect of Gupta’s new positions, some of these roles are newly created jobs.
However, all of these roles address most elements of the five-pronged turnaround plan that Tritton unveiled earlier this year. According to management, this new framework focuses on products, price, promise, place and people. As Head of Strategy and Transformation for Bed Bath & Beyond, Gupta will help oversee change that requires the rollout of new products, reduction of unnecessary merchandise in stores, and implementation of technologies that will help strengthen the omnichannel presence of Bed Bath & Beyond. Other newly appointed leaders are also responsible for more targeted aspects of the turnaround plan.
Even so, the retailer must shrink in some ways while working to grow in others. Bed Bath & Beyond announced in July that it would close approximately 200 of its 1,024 stores over the next two years.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of a high-end consulting service Motley Fool. We are heterogeneous! Challenging an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and wealthier.