The search for a permanent CEO has been ongoing since June.
Interim CEO of Bed Bath & Beyond Inc. Sue Gove is likely to lead the struggling retailer for at least 12 months, a source familiar with the situation said, as the chain looks to shore up its business after a sharp drop in sales.
The retailer, which announced the search for a new permanent CEO in June, will not choose a new leader until 2023, two people familiar with the matter said.
“This is what people want and need,” one of the sources said.
Bed Bath and more
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In June, Bed Bath & Beyond appointed Gove, who sits on the board of directors and is a retail consultant, as interim CEO. According to her employment contract, Gove was hired “on a voluntary basis” for a period of one year from June 23.
Her appointment came after the dismissal of CEO Mark Tritton due to declining sales and an unsuccessful switch to private label products.
Its chief financial officer, Gustavo Arnal, fell to his death this month and jumped off a Tribeca skyscraper.
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A spokesperson for Bed Bath & Beyond did not immediately respond to a request for comment.
Bed Bath & Beyond is facing a critical holiday season when it must show that its business recovery strategy is to reverse lost sales and win back customers.
BED BATH & BEYOND APPOINTS INTERIM CFO
The major home improvement store has seen months of significant upheaval as the chain, once considered a category killer, begins closing stores, cutting jobs and rethinking its merchandising strategy.
In late August, the company said it committed more than $500 million in new funding and was in the “very early stage” of finding a permanent CEO.
Chewy Inc co-founder Ryan Cohen, the former largest shareholder of Bed Bath & Beyond, set his sights on Tritton’s job as CEO, prompting his exit. Cohen disapproved of Tritton’s $27 million salary and “over-ambitious” strategy.
Cohen, who is also chairman of Gamestop Corp, owned 9.8% of Bed Bath & Beyond’s common stock before selling his shares in mid-August.
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Gove has been on the Board of Directors of Bed Bath & Beyond since 2019. Previously, she was CEO of Golfsmith International, a golf specialty retailer, and COO of Zale Corporation, a mall jewelry retailer.
Credit: www.foxbusiness.com /