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Bed Bath & Beyond announced today president and CEO Mark Tritton and executive vice president and chief merchandising officer Joe Hartsig left the company as the home specialty retailer continued its sales decline during its fiscal first quarter.
Sue Gove, an independent Bed Bath & Beyond board director since 2019, was named interim CEO. Gove has more than 30 years of senior financial, operating and strategic roles in retailing that included president and CEO of Golfsmith International Holdings and COO of Trttheir
Mara Sirhal was named executive vice president and chief merchandising officer. Sirhal who most recently served as Bed Bath & Beyond’s GMM, health, beauty and consumables, as well as senior vice president and general manager for Harmon. Prior to Bed Bath & Beyond, she worked at Macy’s, most recently as vice president and divisional business manager for licensed, retail-as-a-service and retail diversity strategy.
The senior leadership shakeup comes as Bed Bath & Beyond reported a 25% year-over-year net sales decline in its fiscal first quarter ended May 28. Quarterly net sales of $1.46 billion was marked by a 23% overall comparable sales decline and 27% comparable sales decline for the Bed Bath & Beyond banner.
Harriet Edelman, independent chair of the Bed Bath & Beyond board of directors, said: “After thorough consideration, the Board determined that it was time for a change in leadership. Our banner’s heritage is built on the premise that when customers are shopping for the home, Bed Bath & Beyond is the perfect destination for unique solutions and inspiration. We must deliver that proposition for customers, drive growth, and unlock the value of the banners. Today’s actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the board on behalf of shareholders. We are committed to addressing the urgent issues that have been impacting sales, profitability, and cash flow generation. We are confident Sue brings the right combination of industry experience and knowledge of Bed Bath & Beyond’s operations to lead the company, focus our resources, and revise strategy, as appropriate.”
Gove said, “We must deliver improved results. Our shareholders, Associates, customers, and partners all expect more. We are committed to providing customers with a one-stop destination to meet their needs through our assortment, experience, and services, whether online or in stores. Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success. I’m eager to start working more closely with our leaders and our Associates across all banners to make the necessary strategy adjustments and create a brighter future for Bed Bath & Beyond Inc.”
Tritton, a former senior Target merchandising executive, was appointed in 2019 to lead Bed Bath & Beyond’s turnaround strategy. He presided over the divestiture of non-core assets, including Christmas Tree Shops and Cost Plus World Market; investment in technology, infrastructure and digital capabilities; the introduction of several private label brands and the launch of a new flagship store in New York City that set the template for a chainwide rollout.
