Bed Bath & Beyond Inc. Appoints Leading Retail Operator Rick Wilkins To Key Regional Leadership Role

Rhea-AI Summary

Bed Bath & Beyond (Nasdaq: BBBY) has appointed Rick Wilkins as Regional Vice President for the West region, effective immediately. He will oversee around 300 stores across 20 states and help in executing the company's store optimization strategy, enhancing the digital-first shopping experience. Wilkins joins from Gap Inc., bringing extensive retail experience aimed at improving in-store operations and customer service. The company aims to integrate online and in-store services for a seamless shopping experience as it adapts to changing consumer preferences.

Positive

• Rick Wilkins' appointment brings extensive retail experience from Gap Inc., Starbucks, and Target.
• Focus on enhancing digital-first, omni-always shopping experience is likely to attract more customers.
• Strategic improvements planned in store operations, including customer service and order fulfillment.

Negative

• None.

UNION, N.J., Sept. 8, 2020 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) has appointed Rick Wilkins as Regional Vice President for the West region, effective immediately. Mr. Wilkins will report directly to Gregg Melnick, Executive Vice President (EVP) and Chief Stores Officer, and will play a key role in the planning and execution of the Company's store optimization strategy.

Mr. Wilkins will oversee operations for approximately 300 of Bed Bath & Beyond's retail stores across 20 states, and execute the previously announced store optimization plan as the Company continues to enhance its digital-first, omni-always shopping experience online and in-store.  He will join a cross-functional team responsible for implementing a suite of new store capabilities, including further improvements to Buy-Online-Pickup-In-Store, Curbside Pickup and same day delivery services.  The team also plans a robust reimagination of store operations, including enhanced customer service, improved product assortment and better communication of value in-store, as well as expanded capacity to support faster, more efficient customer order fulfillment in-store or at home. 

Gregg Melnick said: "We are creating a truly omni-always shopping experience to support the digital-first shopping preferences of our customers.  Our comprehensive store network is key to the 360-degree shopping experience we can provide, allowing customers to buy online or through our app and enjoy contactless Curbside Pickup from one of our stores within 2 hours of ordering. Rick is an expert retail operator, whose deep experience driving profitable growth and an omni-always in-store experience will help us make it even easier to feel at home with Bed Bath & Beyond." 

Mr. Wilkins joins Bed Bath & Beyond from Gap Inc., where he was Territory Vice President for Old Navy, leading one of the highest profit-generating territories for the brand. Prior to his tenure at Gap Inc., Mr. Wilkins held roles at Starbucks Coffee Company and Target Corporation, where he executed plans to maximize store efficiency and implemented profit-improving measures across markets.

"At a time when home is everything, I am thrilled to join this iconic brand to serve its millions of loyal customers and help rebuild its authority in the Home market. In this digital-first shopping environment, stores are more important than ever to engage and inspire, while offering a faster, more convenient shopping experience.  I'm excited to play my part in helping accelerate the omni-always transformation of the business and finding new ways to improve the way we serve our customers."

About Bed Bath & Beyond Inc.

Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of domestic merchandise and home furnishings. The Company also provides a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, the Company's progress and anticipated progress towards its long-term objectives. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with the novel coronavirus (COVID-19) and the governmental responses to it, including its impacts across the Company's businesses on demand and operations, as well as on the operations of the Company's suppliers and other business partners, and the effectiveness of the Company's actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company's strategic restructuring program; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, such as pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities; the ability to effectively and timely adjust the Company's plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company's capital allocation strategy; risks associated with the ability to achieve a successful outcome for its business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company's information technology systems including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company's or a third party product or service supplier's compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; and foreign currency exchange rate fluctuations. Except as required by law, the Company does not undertake any obligation to update its forward-looking statements.

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SOURCE Bed Bath & Beyond Inc.

FAQ

Who is Rick Wilkins and what is his new role at Bed Bath & Beyond?

Rick Wilkins has been appointed as Regional Vice President for the West region at Bed Bath & Beyond, overseeing approximately 300 stores.

What is the significance of Rick Wilkins' appointment for Bed Bath & Beyond?

His appointment is aimed at enhancing the company's store optimization strategy and improving the digital-first shopping experience.

What experience does Rick Wilkins bring to Bed Bath & Beyond?

Wilkins has extensive experience in retail from Gap Inc., Starbucks, and Target, focusing on driving profitable growth and operational efficiency.

How will Bed Bath & Beyond improve its customer service with this new appointment?

Under Wilkins' leadership, the company plans to implement strategic improvements in store operations, enhancing customer service and order fulfillment.