Shares of Bed Bath and Beyond, Inc. (NASDAQ: BBBY) soared as much as 23% in after-hours trading on Wednesday after the Company announced Mark Tritton will become its new President and CEO, succeeding interim CEO Mary A. Winston.

Mr. Tritton will lead the floundering 1,000-store chain which has been fighting falling sales and board turmoil. The homegoods chain, under pressure from activist investors, has been searching for new permanent leader since earlier this year.

Tritton’s appointment comes just one week after Bed Bath and Beyond said it will wind down operations at 60 stores by the end of the year. It also posted mixed second-quarter earnings with its 10th consecutive quarter of same-stores sales declines.

“We are thrilled to announce a President and CEO with one of the most impressive resumes in the business,” said Bed Bath & Beyond’s Chairman of the Board Patrick R. Gaston in a statement. “Mark’s ability to re-define the retail experience and drive growth at some of the world’s most successful retailers and brands makes him uniquely equipped to lead Bed Bath & Beyond during this critical time in our evolution. As an integral contributor to Target’s impressive transformation, we will benefit from his vision, leadership, and creativity to successfully transform our business.”