Target Corp. has gained a new chief financial officer but lost its chief merchant to Bed Bath & Beyond Inc. , sending shares of the latter up 19% on Wednesday. Target announced that 15-year veteran Michael Fiddelke will become CFO effective Nov. 1. The company also said Mark Tritton had resigned. Shortly thereafter, Bed Bath & Beyond named Tritton as its new president and chief executive. Christina Hennington and Jill Sando, two Target executives with more than 40 years of experience between them at the company, will fill in on an interim basis for Tritton. Target shares are up 67% this year. The S&P 500 index, by comparison, is up 16.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.