Rafeh Masood will resign from his position as EVP and Chief Customer and Technology Officer at Bed Bath & Beyond effective Dec. 2, 2002, according to a Nov. 1 Securities and Exchange Commission 8-K filing. No specific reason was given, but the filing noted that Masood’s departure “was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or financial statements.”
However, the retailer has been dealing with troublesome tech issues recently, including a data breach that the company acknowledged in an SEC 8-K filing on Oct. 28, 2022. Via a phishing scam, an outside party gained access to hard drives and shared drives to which an employee had access. The filing noted that the company had “no reason to believe” that sensitive and/or personally identifiable information (PII) had been accessed.
In a previous SEC filing in October 2019, Bed Bath & Beyond admitted that a third party had accessed email and password information that had been used to access less than 1% of the company’s accounts, but claimed that no online customers’ payment cards were compromised and that the retailer had retained a leading security forensics firm to implement remedial measures.
Masood’s departure comes at a time when the retailer is grappling with a difficult business landscape. In its most recent financial report, for the quarter that ended Aug. 27, 2022, Bed Bath & Beyond reported a 28% year-over-yearsales decline. This followed the late August 2022 announcement that the retailer would be closing 150 stores and cutting 20% of its workforce as part of ongoing recovery efforts.
In early September 2022, the retailer’s CFO Gustavo Arnal died in what was ruled a suicide. He was replaced as CFO on an interim basis by SVP and Chief Accounting Officer Laura Crossen. And in a move toward maintaining stability in the C-suite, the retailer’s interim CEO Sue Gove got the position permanently in late October 2022.