A person exits a Bed Bath & Beyond store in New York City, June 29, 2022.
Andrew Kelly | Reuters
bed bath beyond said Wednesday it has temporarily appointed Sue Gove to the position on a permanent basis.
Shares fell about 10% in premarket trading on Wednesday following the announcement. The stock is down about 63% this year through Tuesday’s close. The company’s market cap is now around $425 million.
Gove, the company’s board member and longtime retail consultant, takes on this role at a crucial time for the homewares retailer. Bed Bath seeks to reverse declining sales, win back customers and strengthen relationships with suppliers. It’s 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 ousted former CEO Mark Tritton. She is the founder of a retail consulting and advisory firm, Excelsior Advisors. Before becoming a consultant, she held various financial and strategic positions, including President and Chief Executive Officer of Golfsmith International Holdings, Inc. and Chief Operating Officer of Zale Corporation, according to Bed Bath’s biography.
One of the company’s biggest problems is its strained relationships with its suppliers of products that fill its shelves. It had trouble getting hot brands and popular items in previous holiday seasons, such as B. KitchenAid blenders and Dyson vacuums. Without those items this holiday season, Bed Bath might have a hard time competing with rivals like Amazon, Target, and Walmart.
Bed Bath is hosting its first supplier summit on Wednesday, which the company says will strengthen those relationships.
The retailer has another top vacancy to fill. After the suicide of Gustavo Arnal, a new CFO is sought. Last month it hired its chief accounting officer, Laura Crossen, as interim chief financial officer.
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