Bed Bath & Beyond names CEO
Bed Bath & Beyond Inc. has made it permanent.
The struggling home goods retailer said it has appointed Sue Gove as president and CEO. Gove, a company board member, has served as interim chief executive since June 2022, after former CEO Mark Tritton was pushed out. She will continue to serve on the Bed Bath & Beyond board.
Gove is the founder of retail consulting and advisory firm Excelsior Advisors. Prior to that, she served as a senior advisor for professional services firm Alvarez & Marsal. Before her consulting career, Gove spent more than 30 years in the retail industry, including serving as president CEO of Golfsmith International Holdings, and COO of Zale Corp.
Since taking the reins of Bed Bath & Beyond in June, Gove has executed a turnaround plan designed to reverse declining sales, win back customers, recapture market share and restore financial stability.
The plan involves store closings, job reductions and a pullback from the private label strategy that Tritton had launched, with a third of the company’s owned brands being eliminated. The chain also secured more than $500 million in new financing to shore up its business ahead of the holiday selling season.
In addition, Bed Bath & Beyond is looking to strengthen its relationship with suppliers. It is holding its first supplier summit on Oct. 26.
“Sue is the best person to serve at the helm of Bed Bath & Beyond and continue leading the company," said Harriet Edelman, independent chair of Bed Bath & Beyond Inc.'s board. "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. 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.”
In a release announcing her appointment, the company also noted that Gove has realigned the company's organizational structure to better support strategic priorities, including the creation of brand president roles for the Bed Bath & Beyond and Buybuy Baby banners.
In a statement, Gove said, "I look forward to continuing our important work alongside our highly engaged management team and board as CEO. 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.”
“I am energized by the initiatives underway to provide our customers with an exceptional shopping experience, easily accessible products and compelling values across our Bed Bath & Beyond, Buybuy Baby, and Harmon brands,” Gove continued.