Bed Bath & Beyond interim CEO Sue Gove to take on role permanently
Reuters
Published Oct 26, 2022 07:08AM ET
Updated Oct 26, 2022 06:26PM ET
(Reuters) -Home goods retailer Bed Bath & Beyond Inc (NASDAQ:BBBY) said on Wednesday that interim Chief Executive Sue Gove will keep the role permanently.
Gove, previously the head of the strategy committee and an independent director in the company, was named the interim CEO in June after it replaced Mark Tritton in a management shake-up to reverse a slump in its business.
The company said the appointment was unanimous and Gove will remain on its board.
Once considered a so-called "category killer" in home and bath goods, the big box retailer's fortunes have dragged after attempts to sell more store-branded products flopped and led to the reshuffle of its management team.
Gove told Reuters one of her biggest long-term goals as CEO will be "regaining market share."
The changes in the top management came just months after activist investor and billionaire Ryan Cohen had criticized the company for an "overly ambitious" strategy, overpaying top executives and failing to reverse market share losses.
Cohen was the company's biggest investor until August when he sold out his 9.8% stake.
Late August, Bed Bath & Beyond inked deals for more than $500 million in new financing and said that it would close 150 stores, cut jobs and overhaul its merchandising strategy to turn around its money-losing business.
Gove said that "less than a handful" have been closed since August and that a number of stores will close "closer to the end of this calendar year."
Last month, the company reported a bigger-than-expected second-quarter loss, but added that there were early signs that efforts to clear excess inventory were working and it expected its cash flow to break even in the fourth quarter.
In September, the company had named accounting head Laura Crossen as interim chief financial officer following the death of finance chief Gustavo Arnal.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.