Bed Bath & Beyond Overhauls C-Suite

Amid a Q1 sales decline of 25 percent, 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 CEO, replacing Mark Tritton, who has left his role as president and CEO and as a member of the board.

“After thorough consideration, the board determined that it was time for a change in leadership,” said Harriet Edelman, independent chair of the Bed Bath & Beyond Inc. board of directors. “Our banner’s heritage is built on the premise that when customers are shopping for the home, Bed Bath & Beyond is the perfect destination for unique solutions and inspiration. We must deliver that proposition for customers, drive growth, and unlock the value of the banners.

“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.”

The company has named Mara Sirhal as executive vice president and chief merchandising officer. Sirhal will be responsible for driving the company’s omnichannel merchandising, planning, and owned brands strategies, while also retaining her position as general manager for the Harmon retail banner. Sirhal will report directly to Gove. She replaces Joe Hartsig, who is leaving the company.

The board has retained Berkeley Research Group, 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 chief executive officer role.

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