Bed Bath & Beyond shares fall after interim CEO Sue Gove appointed to position permanently - 26 octombrie 2022
Bed Bath & Beyond
said Wednesday that it has appointed interim Sue Gove to the position permanently.
Shares fell about 10% in premarket trading on Wednesday after the announcement. The stock has fallen about 63% so far this year as of Tuesday’s close. The company’s market cap now stands at about $425 million.
Gove, a company board member and longtime retail consultant, is stepping into the role at a pivotal time for the home goods retailer.
Bed Bath is trying to reverse declining sales, win back customers and strengthen relationship with suppliers. It is 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 pushed out former CEO Mark Tritton. She is the founder of a retail consulting and advisory firm, Excelsior Advisors. Before she became a consultant, she had several financial and strategic roles, including President and Chief Executive Officer of Golfsmith International Holdings, Inc. and Chief Operating Officer of Zale Corporation, according to the biography on Bed Bath’s website.
(US.BBBY)