Bed Bath & Beyond has appointed interim CEO Sue Gove to the role of President and CEO. Gove has held the interim position since June 2022 following the departure of former CEO Mark Tritton. Gove’s permanent appointment was approved by a unanimous vote of the BB&B Board of Directors.
Prior to becoming interim CEO of the troubled home goods retailer, Gove served as an Independent Director on the BB&B board and chaired its strategy committee. Gove will continue to serve on the company’s board.
During her 42-year career, Gove has worked in a number of executive leadership roles and served on the boards of different companies, many in the retail space, including Conn’s HomePlus, The Fresh Market, Tailored Brands, Iconix Brand Group, AutoZone and Golfsmith.
“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,” said Harriet Edelman, Independent Chair of BB&B’s Board of Directors in a statement. “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.”
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In August 2022, under Gove’s direction, BB&B secured a $375 million loan and launched an at-the-market (ATM) program for selling up to 12 million shares of common stock. Proceeds from the ATM program are intended to repurchase and repay a portion of the company’s debt.
The company also outlined a strategic recovery plan that included the closure of 150 stores and a 20% reduction of its workforce. BB&B also hosted its first supplier summit on Oct. 26, 2022 with the hopes of fortifying its relationships with supply partners.
“To ensure our customers have access to an assortment of compelling brands, we are engaging our valued supplier community in new ways to strengthen relationships and foster collaboration,” said Gove in a statement. “At Bed Bath & Beyond, we have never been more strategically and culturally focused, and I remain dedicated to executing on our back-to-basics philosophy, accelerating our performance and focusing on financial returns.”
