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Shares of Bed Bath & Beyond (BBBY) - Get Free Report jumped in after-hours trading Wednesday after the company appointed former Target executive Mark Tritton as president and CEO.

The stock rose $2.40, or 24%, to $12.34 in after-hours action. 

Tritton was previously executive vice president and chief merchandising officer at Target (TGT) - Get Free Report . He has prior experience at Nordstrom, Inc. (JWN) - Get Free Report , Nike, Inc. (NKE) - Get Free Report and Timberland. He is slated to take up his new position on Nov. 4.

"There is immense opportunity ahead for Bed Bath & Beyond, which remains one of the most recognizable and best loved retailers in the country today," Tritton said in a statement.

Bed Bath & Beyond has been caught up in the many challenges facing brick-and-mortar retailers faced with ever growing competition from online rivals like, Inc.  (AMZN) - Get Free Report . Its shares have fallen more than 80% since peaking above $80 six years ago.

The company announced a round of 40 store closings in April.

In May, long-serving CEO Steven Temares stepped down under pressure from activist investors. is a holding in Jim Cramer's Action Alerts PLUS member club.