According to a statement released by the firm on Wednesday, Bed Bath & Beyond (BBBY stock) has named temporary Chief Executive Officer Sue Gove to serve permanently in the post of Chief Executive Officer.
Since the previous CEO, Mark Tritton, resigned in late June as a result of a string of unsatisfactory quarterly results, Gove has been functioning as the company’s interim CEO in the time since then. Prior to that, she served as an independent director on the board of directors of Bed Bath & Beyond (NASDAQ:BBBY).
According to Harriet Edelman, who serves as the Independent Chair of Bed Bath & Beyond Inc.’s board of directors, “Sue is the greatest individual to serve at the head of Bed Bath & Beyond (NASDAQ:BBBY)and continue driving the Company.” “While Sue was serving as Interim CEO, she took decisive moves to strengthen the company’s liquidity and laid the framework for increasing customer loyalty, traffic, and market share.”
In the period of time that Gove has been in charge of Bed Bath & Beyond, the company has implemented a number of severe changes in an effort to improve its overall performance. The company stated that these include the acquisition of an asset-backed revolving credit facility with a capacity of 1.13 billion dollars, the implementation of cost reduction strategies, and the acceleration of strategic plans to unlock value from its buybuy Baby initiative, which is centered on infants and young children.
The corporation made the announcement earlier this month that it would be exchanging “any and all” of its existing senior notes, which include notes with maturities in 2024, 2034, and 2044. The action caused significant credit rating agencies, such as S&P Global and Moody’s, to further downgrade the debt of the corporation into the junk region, with the ratings indicating a larger probability that the company would fail on its obligations.
In a statement, Bed Bath & Beyond (NASDAQ:BBBY) CEO Brian Gove said, “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.” Gove also emphasized the importance of focusing on financial returns.
After the suicide in September of Bed Bath’s previous chief financial officer, Gustavo Arnal, the company has not yet filled the position of permanent chief financial officer.
BBBY Stock Price
On Wednesday, shares of Bed Bath and Beyond (NASDAQ:BBBY) recovered some of their premarket losses by climbing 5.5% to $5.58. The value of the stock has decreased by 62% so far this year.
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Author Valerie Remorosa