THE WHAT? Bed, Bath & Beyond has announced significant changes to its senior leadership team. The company has named Sue Gove Interim Chief Executive Officer, replacing Mark Tritton who has left the company.
THE DETAILS The US retailer has also named Mara Sirhal as Executive Vice President and Chief Merchandising Officer, replacing Joe Hartsig, who has resigned.
Meanwhile, Lara Crossen has been appointed SVP of Finance and Chief Accounting Officer and Susie A Kim as SVP of Treasury and Investor Relations, effective immediately. Crossen replaces John Barnes who has quit his role to ‘pursue another opportunity’.
THE WHY? With net sales down 25 percent for the first quarter of fiscal 2022, it’s not difficult to see why some heads have rolled. Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors, said, “After thorough consideration, the Board determined that it was time for a change in leadership. Our banner’s heritage is built on the premise that when customers are shopping for the home, Bed Bath & Beyond is the perfect destination for unique solutions and inspiration. We must deliver that proposition for customers, drive growth, and unlock the value of the banners. Today’s actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the Board on behalf of shareholders. We are committed to addressing the urgent issues that have been impacting sales, profitability, and cash flow generation. We are confident Sue brings the right combination of industry experience and knowledge of Bed Bath & Beyond’s operations to lead the Company, focus our resources, and revise strategy, as appropriate.”