“We are pleased to announce the appointment of Sue as chief executive officer. Sue is the best person to serve at the helm of Bed Bath & Beyond and continue leading the company,” Harriet Edelman, independent chair of Bed Bath & Beyond Inc’s board of directors, said in a press release. “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. A strong team builder and hands-on leader, Sue has earned the trust of associates across headquarters, stores, and operations and is working alongside our two brand presidents to support our important supplier community. On behalf of the board of directors and Bed Bath & Beyond’s leadership and associate teams, we congratulate Sue and are confident that her unique mix of talent, experience, and drive is best suited to deliver improved growth, profitability, and shareholder returns.”

“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 also pleased with the completion of our ATM Programme, and possible launch of a new offering programme, to further support and drive our strategic imperatives. 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. I am energised 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. We have a significant opportunity ahead and we intend to regain our dominance as a preferred shopping destination,” said Sue Gove, Bed Bath & Beyond's president and CEO.

Under Gove’s leadership, the company will continue to execute its strategic plan, announced on August 31, 2022, with a priority on strengthening its financial positioning, increasing customer engagement, driving traffic, and recapturing market share, added the release.

Key actions taken under Gove’s leadership (as previously announced) were: securing new financing, including an upsized $1.13 billion asset-backed revolving credit facility (‘ABL facility’) and a $375 million ‘first-in-last-out’ facility (‘FILO facility’); the launch and completion of the company’s 12 million share At-the-Market Offering programme; authorisation of a new $150 million At-the-Market Offering programme; improving the company’s cost structure through targeted expense reduction actions, real estate optimisation, and reductions in capital expenditures; initiating an exchange offer for the company’s outstanding senior notes; rebalancing the Bed Bath & Beyond assortment and inventory positioning to reflect customer preference by increasing investments in popular national brands and exiting a third of the company’s owned brands; accelerating strategic plans at buybuy BABY to unlock greater value, organically; growing the company’s cross banner Welcome Rewards loyalty programme to 8 million members; realigning the company’s organisational structure to better support strategic priorities, including the creation of brand president roles for the Bed Bath & Beyond and buybuy BABY banners; and supporting supplier partners and strengthening relationships, including the company’s first supplier summit.

Fibre2Fashion News Desk (NB)