Today, Bed Bath and Beyond (NASDAQ: BBBY) announced they're making leadership changes so they can reverse their recent results. One change is that Sue Gove has been named the interim CEO. She'll replace Mark Tritton who left his position as the CEO and a member of the board.
The board of directors has elected to appoint a new CEO and take action on what they claim is an urgent issue that has been affecting the company's sales, profitability, and its cash flow. It’s confident that Sue will be able to lead the company and focus resources while modifying strategy as necessary.
Gove plans to focus on cost management and bringing peace of mind to Bed Bath & Beyond customers by offering a one-stop destination.
Today Bed Bath and Beyond reported quite a disappointing quarter. The company widened its net loss to $358 million, and on an adjusted basis, the company’s net loss was $2.83. Analysts expected a net loss of $1.39, much higher than anticipated.
The stock is down 80% in the last 3 months.
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