A person exits a Bed Bath & Beyond store in New York City, June 29, 2022.
andrew kelly | Reuters
Bed Bath & Beyond Wednesday said that he has appointed interim Sue Gove to the position permanently.
Shares fell about 10% in premarket trading on Wednesday after the announcement. The stock has fallen about 63% so far this year as of Tuesday’s close. The company’s market cap now stands at about $425 million.
Gove, a company board member and longtime retail consultant, is stepping into the role at a pivotal time for the home goods retailer. Bed Bath is trying to reverse declining sales, win back customers and strengthen relationship with suppliers. It is also gearing up for the holiday season, a key quarter that could determine whether it can stabilize its finances.
Gove was named interim CEO this summer after the company’s board pushed out former CEO Mark Tritton. She is the founder of a retail consulting and advisory firm, Excelsior Advisors. Before she became a consultant, she had several financial and strategic roles, including President and Chief Executive Officer of Golfsmith International Holdings, Inc. and Chief Operating Officer of Zale Corporation, according to the biography on Bed Bath’s website.
One of the company’s key struggles is its tense relationships with its suppliers of products that stock its shelves. It had trouble getting hot brands and popular items during previous holiday seasons, such as KitchenAid stand mixers and Dyson vacuums. Without those items this holiday season, Bed Bath could have a hard time competing with rivals like Amazon, Target and Walmart.
Bed Bath is having its first supplier summit on Wednesday, which the company said will strengthen those relationships.
The retailer has another top vacancy to fill. It is searching for a new CFO after Gustavo Arnal died by suicide. Last month, it tapped its chief accounting officer, Laura Crossen, as interim finance chief.
This is breaking news. Please check back for updates.