How Bed Bath & Beyond CEO kept the company afloat after getting Covid
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The Behind the Desk series features this story. CNBC Make It meets with business leaders to learn everything about their lives, from where they came to be to where they are today to how they get up in the morning and what motivates them to continue on to the daily grind.
When Mark Tritton took the reins as CEO of Bed Bath & Beyond in November 2019, he knew he had a big challenge ahead of him. The global pandemic didn’t occur to him.
A home goods retail was in deep trouble due to years of accumulated debt. poor sales, executive shakeupsAnd stock losses. It was so difficult to fix it, Triton (a 56-year old veteran retail executive) said he took a four-week vacation before his scheduled start date in order to relax and get ready.
Tritton was forced to close the 1,500 brick-and mortar stores within five months of starting his job. The company also had to furlough its 40,000 workers. Shortly after, he and his wife caught Covid — a particular problem in New York City, where hospitals were overrun daily. One time, paramedics needed to go to their home.
Tritton says, “We were very sick.” CNBC Make It. “It was intense trying to navigate my personal health as well as the safety and health of over 40,000 people at once.
Tritton said he used to work while sick. While keeping his medical condition private, he shared his concerns with the chair, continuously assessing his health and making sure that he was still able to lead. Tritton says it was his attempt to save the company’s existence.[I]Couldn’t roll over, go back to sleep.
Today, Tritton has fully recovered — and, he says, his pre-Covid turnaround plan for the company, includingStore renovations have resumed and there are new brand names in the stores. Since Tuesday Bed Bath & Beyond’s stockIt can reach $20.20 per Share, which is significantly higher than its April 2020 low of $22.80 $3.90.
He discusses the challenges of his first day as CEO and how he dealt with a Covid illness. And, what the most important lesson that he has learned from the pandemic.
Tritton’s first day at the helm as CEO[I]In one day, I met approximately 2,500 people
While it may have been two years ago, it seems like five. [ago]We are grateful for everything.
When I first arrived, the company wasn’t working. For four weeks I had a break from my roles so that I could decompress and get ready for the next role. The journey was long and challenging.
First, I created a welcome video which was sent out on that day. In one day, I was able to walk the entire building and introduce myself. It was like I made myself instantly visible, showing that I’m happy to be there.
It was both exciting and exhausting at the same time. Thank you to everyone [me]For coming, so it wasn’t like organ rejection. From day one there was an embrace, which was very meaningful.
Covid has started a new tradition. “I make a video every other week to get in touch with people,”
My office was exactly where I used to be. My memory was clear. I said, “I believe we’ll send everybody home for two week and see what happens.”
Next, I made a video explaining to everyone the situation. To connect with others, I have done videos every week since that time.
As the new CEO of this company, it was my responsibility to protect the well-being and financial health of our team. The only way to get out of bed was to roll over. To fight, you had to be up each day.
The task of getting up at 5 AM and furloughing 40K team members was not easy. It takes strength and determination. Although I felt stressed out, I knew I couldn’t complain about it. I had to create a plan for making them safe.
After becoming ill a few days into the pandemic, I said to my doctor that we were fortunate to have made it through the crisis the right way.
Covid was diagnosed in my wife and me at the end March and beginning April. Both of us were extremely ill.
They did not give any drugs. New York is where I reside, and they actively discouraged us from going to the hospital. They were always in touch with us. [doctors via]Telemedicine was available, so we had some paramedics arrive to check on us.
Bernadette and Mark Tritton, September 2017, during the #BoF500 gala meal at New York Fashion Week.
Dia Dipasupil – Getty Images Entertainment | Getty Images Entertainment | Getty Images
The entire city was under lockdown. Nobody knew the truth. It was frightening for all of us. We were fortunate to be able get through it in the right direction and remain healthy.
Covid provided me with a very positive and real experience. Because it was personal, I believe my dedication to protecting my employees was more powerful. It is a pressure that I can see for individuals as well as businesses.
We lost team members [to Covid]. It was heartbreaking to speak with their families. When people said “This doesn’t really exist”, it was difficult. You know that it is real.
Covid taught him the best lesson: “Thinking you’re capable of doing it all is the worst mistake.”
It is my opinion [the trick]To be open and honest. It is a mistake to believe you can do everything.
There is no way for everyone to come up and say, “Mark! What do you do?” Do you agree with this? You should instead say “This is our culture. This is our company.” These are our requirements. These are our needs. Keep me informed.
This responsibility must be shared. This is the place where you need to share that responsibility with the Board, Street and shareholders. [Those are]My responsibilities are my responsibility, however, the CEO is an expression of our team and not the driving force. Nobody should ever be this.
This was a way we had tried before and it didn’t work well. The culture was completely redesigned and new communication paths were created.
It was probably a gift in strange packaging. We were able to broker a completely new method of working.
This interview has been edited to ensure clarity and length.
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