Union, N.J. — Bed Bath & Beyond Inc. has named Sue Gove as its new president and chief executive officer. Since June 2022, Gove has served as interim CEO. The appointment was unanimously approved by Bed Bath & Beyond Inc.’s board of directors. She will continue to serve on the board.
“We are pleased to announce the appointment of Sue as chief executive officer. Sue is the best person to serve at the helm of Bed Bath & Beyond and continue leading the company,” says Harriet Edelman, independent chair of Bed Bath & Beyond Inc.’s board of directors. “During her tenure as interim CEO, Sue took consequential actions to increase liquidity and establish the groundwork to improve customer loyalty, traffic and market share. Her intense focus on cash, and expertise in managing working capital and liquidity are matched by a great operating mind and further complemented by a new leadership team that brings deep merchant, omni and digital expertise in modern retailing. A strong team builder and hands-on leader, Sue has earned the trust of associates across headquarters, stores and operations and is working alongside our two brand presidents to support our important supplier community. On behalf of the board of directors and Bed Bath & Beyond’s leadership and associate teams, we congratulate Sue and are confident that her unique mix of talent, experience and drive is best suited to deliver improved growth, profitability and shareholder returns.”
Key actions under Gove’s leadership have included:
- Securing new financing.
- Improving the company’s cost structure through targeted expense reduction actions, real estate optimization and reductions in capital expenditures.
- Rebalancing the Bed Bath & Beyond assortment and inventory positioning to reflect customer preference by increasing investments in popular national brands and exiting a third of the company’s owned brands.
- Accelerating strategic plans at buybuy BABY to unlock greater value, organically.
- Growing the company’s cross banner Welcome Rewards™ loyalty program to 8 million members.
- Realigning the company’s organizational structure to better support strategic priorities, including the creation of brand president roles for the Bed Bath & Beyond and buybuy BABY banners.
- Supporting supplier partners and strengthening relationships, including the company’s first supplier summit on Oct. 26, 2022.
SOURCE: Bed Bath & Beyond