business news in context, analysis with attitude

With brief, occasional, italicized and sometimes gratuitous commentary…

•  From Bloomberg:

"Former Inc. executive Alicia Boler Davis will take over as chief executive officer of Alto Pharmacy Inc., the company said Thursday.

"Boler Davis will start on Sept. 1, Alto said in a statement. She takes over from co-founders Matt Gamache-Asselin and Jamie Karraker, who were leading the company after the previous CEO Kevin Burns exited less than a year after his appointment to rejoin yogurt maker Chobani LLC."

Alto describes itself as a full-service online pharmacy that delivers prescriptions to your door for free, seven days a week.

•  The Wall Street Journal reports that Mark Tritton is out as the CEO of Bed Bath & Beyond, as the company "reported another quarter of plunging sales that pushed its stock down further."  Tritton became CEO in 2019, and "moved quickly to overhaul the home-goods chain by cleaning up crowded aisles, scaling back coupons and doing away with popular national brands in favor of new, private-label goods."

He has been replaced by Sue Gove, described in the story as "an independent director who is stepping in as interim chief executive officer while it searches for his successor."  (Gove formerly was CEO of Golfsmith International, ending that tenure in 2014;  currently she is a member of five different boards.)

It seems increasingly clear that Bed Bath & Beyond may be a retail format that has outlived its usefulness.  In the words of one analyst quoted in the LA Times, it may be time to "stick a fork in them."  They're done.