Bed Bath & Beyond names new CEO
Sue Gove has been interim CEO since June 2022
Bed Bath & Beyond on Wednesday said Sue Gove will officially assume the role as chief executive officer after serving several months in an interim capacity.
Gove was unanimously approved by the company's board of directors to continue leading and help turn around the beleaguered business, especially as the critical holiday season approaches. She will also continue to serve on the company's board, the retailer said.
BED BATH & BEYOND TOUTS TURNAROUND AS LOSSES WIDEN
"Sue is the best person to serve at the helm of Bed Bath & Beyond and continue leading the Company," Harriet Edelman, independent chair of Bed Bath & Beyond's board, said in a statement.
A Bed Bath & Beyond store is seen on June 29, 2022 in Miami, Florida. (Photo by Joe Raedle/Getty Images / Getty Images)
Gove took over in June 2022 replacing Mark Tritton after the company suffered back-to-back quarters of plunging sales.
However, the company has faced troubles far beyond that. For the last decade or so, Bed Bath & Beyond struggled with lackluster sales as its messy assortments and lagging online strategy made it hard to compete with major retail powerhouses like Target and Walmart as well as online players like Wayfair.
"At Bed Bath & Beyond, we have never been more strategically and culturally focused, and I remain dedicated to executing on our back-to-basics philosophy, accelerating our performance, and focusing on financial returns," Gove said in a statement on Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | NO DATA AVAILABLE | - | - | - |
BED BATH & BEYOND ISSUES STATEMENT ON DEATH OF CFO GUSTAVO ARNAL: ‘WILL BE TRULY MISSED’
Last month, the company also named Chief Accounting Officer Laura Crossen as interim chief financial officer to replace the late Gustavo Arnal.
Arnal, who was facing a lawsuit accusing him and activist investor Ryan Cohen of conspiring to boost the price of Bed Bath & Beyond shares and then dump the stock for a profit, died last month just after the home goods retailer announced store closures and a reduction in its workforce.
People walk past a Bed Bath & Beyond store on Oct. 1, 2021 in the Tribeca neighborhood in New York City. (Michael M. Santiago/Getty Images / Getty Images)
As part of a plan to turn the business around, Bed Bath & Beyond said in late August that it would shutter 150 "lower producing" stores, slash its workforce by 20% and revert to its original strategy of focusing on national brands to try and turn the business around.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.
The Associated Press contributed to this report.