A few weeks after a Wedbush analyst said Bed Bath & Beyond (NASDAQ:BBBY) is "on the cusp of a dramatic improvement in profitability," the home merchandise company announced it is hiring a new chief technology officer. Looking to leverage e-commerce to restore its fortunes, Bed Bath & Beyond says it's working to enhance its "digital-first, omni-always customer experience" with the hire, as part of its "enterprise technology transformation."
Bed Bath & Beyond is shifting strongly away from brick-and-mortar with a plan to close approximately 200 locations, or 21% of its total number of stores in the U.S. The move, possibly part of the "retail apocalypse" as the internet guts traditional physical in-store retail, is intended to slash the company's expenses while it focuses on digital instead.
The new CTO, Scott Lindblom, arrives at Bed Bath & Beyond with extensive experience in e-commerce and digital business. According to the press release, he has held important executive and management positions in the IT and digital sectors of electronics and appliance retailer Best Buy, off-price clothing and housewares company Ross Stores, and most recently, The Michaels Companies, Inc., an arts and crafts specialty retailer.
Bed Bath & Beyond COO John Hartmann, whom Lindblom will report to directly, speaks highly of the new chief technology officer's previous successes in the IT field. He says Lindblom's "track record implementing leading IT solutions and digital fulfillment capabilities for a number of leading retailers will help us accelerate the modernization of our technology infrastructure," tasks which will include increasing efficiency, improving the use of data analysis, and streamlining customer shopping online.
Lindblom will begin his new duties next Monday, Sept. 28.