Board member Sue Gove will take over for Mark Tritton as acting CEO, the business declared on Wednesday.
Bed Bath & Beyond’s CEO was let go on Wednesday because the home goods retailer is still having difficulties figuring out what its customers want to buy.
Late in 2019, Tritton started working for Bed Bath & Beyond. He had previously held the position of chief merchandiser at Target, where the more than 30 new brands he introduced were essential to the company’s resurgence.
Sue Gove: Who Is She? Wikipedia Bed Bath & Beyond New CEO
In a statement issued on Wednesday, Bed Bath & Beyond announced that Sue Gove would succeed Mark Tritton in his role as interim CEO.
Tritton’s resignation followed the publication on Wednesday of the company’s first-quarter financial report, which showed a 25% fall in revenues.
Gove said in a prepared statement that the shop “must generate improved results” and that she would deal with the several issues the business faces.
Excellent execution, careful cost management, improved supply chain reliability, conservative capital spending, a stronger balance sheet, and strong digital capabilities will all be key factors in determining our success, she said.
In May 2019, Gove formally joined the corporate board. She has more than 30 years of experience in the retail industry and served as the company’s chief operating officer and CEO at Golfsmith International.
Sue Gove 2022 Updated Net Worth
According to the Benzinga website, Sue Gove, the CEO of Bed Bath & Beyond Inc., is thought to be worth around $13.74 million at the moment. Owner of around 42,342 units of Bed Bath & Beyond Inc. common stock is Sue Gove.
Sue Gove made a purchase order for 34,000 units worth more than $268.26K on July 15, 2020.
Sue Gove’s total number of transactions during their two years at Bed Bath & Beyond Inc. total about 4. Sue Gove frequently trades in July; her busiest year was 2020.
On January 20, 2022, John Hartmann made the most recent insider acquisition involving Bed Bath & Beyond Inc., paying $100,000 for 6,667 units.
Will Sue Gove Alter Bed Bath & Beyond the Economic Fall?
Gove noted that Bed Bath is facing a more difficult economic climate and that the company needs to improve as its first-quarter earnings fell short of our expectations.
Along with attempting to resolve supply chain problems, make cost reductions, and improve its balance sheet, Gove stated that Bed Bath & Beyond will adopt a “back to basics mindset” in an effort to win back customers.
Bed Bath & Beyond claimed that it expects same-store sales to increase in the second half of the fiscal year, but it did not provide a specific prediction.
The business also brought on a new chief merchandiser. Mara Sirhal, who most recently served as general merchandise manager for consumables, consumables, and health, will take over for Joe Hartsig.