Union, N.J. — Bed Bath & Beyond Inc. has made significant changes to its senior leadership to focus on reversing recent results, addressing supply chain and inventory, and strengthening its balance sheet. Sue Gove, an independent director on the company’s board of directors and chair of the board’s Strategy Committee, has been named interim chief executive officer, replacing Mark Tritton, who has left his role as president and chief executive officer and as a member of the board.
“After thorough consideration, the board determined that it was time for a change in leadership,” says Harriet Edelman, independent chair of the board of directors. “Today’s actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the board on behalf of shareholders. We are committed to addressing the urgent issues that have been impacting sales, profitability and cash flow generation. We are confident Sue brings the right combination of industry experience and knowledge of Bed Bath & Beyond’s operations to lead the company, focus our resources and revise strategy, as appropriate.”
Adds Gove: “We must deliver improved results. Our shareholders, associates, customers and partners all expect more.”
Gove has been an independent director of Bed Bath & Beyond Inc. since May 2019. Throughout her tenure, Sue served 2 years as a member of the Audit Committee and 3 years as a member of the Nominating and Corporate Governance Committee. In March, she was named chair of the board’s Strategy Committee. She has spent more than 30 years within the retail industry serving a variety of senior financial, operating and strategic roles that included president and CEO of Golfsmith International Holdings and COO of Zale Corporation.
Additionally, the company has named Mara Sirhal as executive vice president and chief merchandising officer. Sirhal most recently served as Bed Bath & Beyond’s senior vice president and general manager for Harmon, as well as general merchandise manager of Health, Beauty & Consumables. She will retain her position as GM for the Harmon retail banner. Sirhal will report directly to Gove. She replaces Joe Hartsig, who is leaving the company.
Sirhal has 20 years of experience in retail, merchandising, store operations, beauty and wellness. Prior to Bed Bath & Beyond and Harmon, she worked at Macy’s Inc., most recently as vice president and divisional business manager for licensed, retail as a service and retail diversity strategy, and previously held a number of strategic merchandising roles at the retailer.
To support its work, the board has retained Berkeley Research Group (BRG), a leading retail advisory firm, to focus on cash, inventory and balance sheet optimization. In addition, Russell Reynolds, a nationally recognized search firm, has been retained to commence a search process for the permanent CEO role.
Bed Bath & Beyond Inc. and subsidiaries is an omnichannel retailer that sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. The company operates websites at www.bedbathandbeyond.com, www.bedbathandbeyond.cawww.buybuybaby.com, www.buybuybaby.ca, www.facevalues.com and www.decorist.com.
SOURCE: Bed Bath & Beyond Inc.