AP

Bed Bath & Beyond CEO ousted after another dour quarter

Jun 29, 2022, 6:56 AM | Updated: 11:55 am

The top executive at Bed Bath & Beyond’s CEO was ousted Wednesday as the home goods retailer continues to struggle to figure out what people want to buy.

Board member Sue Gove will take over as interim CEO, the company said Wednesday, replacing Mark Tritton. Bed Bath & Beyond hired Tritton in late 2019. He’d previously been the chief merchandising officer at Target where the more than 30 new brands he introduced were key in that company’s revitalization.

Tritton’s exit followed the release of the company’s first quarter financial report Wednesday showing that sales plunged 25%.

Activist investor Ryan Cohen, the billionaire founder of the pet retailer Chewy, revealed a huge stake in Bed, Bath & Beyond this year and has pressured the company to improve sales. As part of a pact with Cohen, the company added three new directors in March and began exploring the sale of its Buybuy Baby chain.

Gove said in a prepared statement that the retailer “must deliver improved results,” and that she would address numerous issues the company must contend with.

“Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success,” she said.

Gove has been on the company board since May 2019. She has more than 30 years of experience in the retail industry and was CEO of Golfsmith International, as well as the chief operating officer at the jewelry chain Zales.

In March 2021, Tritton announced that Bed Bath & Beyond was going to launch a slew of new store brands to try to attract younger customers. The chain had recognized that its stores were cluttered and that it had lost customers to Target, Walmart and Macy’s.

“We were over-assorted. It was a bit of a jumble,” Tritton told The Associated Press at the time.

Bed Bath & Beyond also announced Wednesday that it’s hired retail advisory firm Berkeley Research Group to help with cash, inventory and balance sheet optimization. In addition, the Union, New Jersey-based chain hired search firm Russell Reynolds to assist in finding a permanent CEO.

Shares of Bed Bath & Beyond Inc. slid more than 20% in early trading.

___

AP Retail Writer Anne D’Innocenzio in New York contributed to this report.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Global technology outage causes chaos on Friday morning...

Associated Press

Faulty software update causes havoc worldwide for airlines, hospitals and governments

A global technology outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday morning.

1 day ago

Republican presidential candidate former President Donald Trump arrives during the second day of th...

Associated Press

Donald Trump celebrated by former rivals at Republican National Convention

Former president Donald Trump was celebrated at the Republican National Convention by former rivals, including Nikki Haley and Ron DeSantis.

4 days ago

FILE - Members of the Henderson Fire Department load Deb Billet, 66, into an ambulance before trans...

Associated Press

Things to know about heat deaths as a dangerously hot summer shapes up in the western US

A dangerously hot summer is shaping up in the U.S. West, with heat suspected in dozens of recent deaths.

7 days ago

FILE - Dr. Ruth Westheimer participates in the "Ask Dr. Ruth" panel during the Hulu presentation at...

Associated Press

Dr. Ruth Westheimer, the sex therapist who became a pop icon, has died

Dr. Ruth Westheimer, the sex therapist who became a pop icon, media star and best-selling author, has died.

7 days ago

Biden proposes rule to protect 36 million workers from extreme heat...

Associated Press

Biden proposes new rule to protect 36 million workers from extreme heat

President Joe Biden on Tuesday proposed a new rule to address excessive heat in the workplace, warning — as tens of millions of people in the U.S. are under heat advisories — that high temperatures are the country's leading weather-related killer.

18 days ago

FILE - Rori Chang, of Glendale, Ariz., walks with her dog Ava as they leave the Maricopa Country An...

Associated Press

Here are ways that can help ease dogs’ July Fourth dread

Those with furry, four-legged family members will be searching for solutions to the Fourth of July anxiety that fireworks bring.

19 days ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

Bed Bath & Beyond CEO ousted after another dour quarter