Bed Bath & Beyond said Wednesday it has appointed interim CEO Sue Gove to the position permanently.
Gove is stepping into the role as the retailer is trying to reverse declining sales while gearing up for the holiday season, a key quarter that could determine the future of the company’s finances.
“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,” said Harriet Edelman, Independent Chair of Bed Bath & Beyond Inc.’s Board of Directors.
Bed Bath and Beyond dropped around 10% during premarket hours. The stock has declined about 64% so far this year.
“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,” said Gove in a statement.
A former company board member, Sue Gove was named interim CEO in June after the company’s board ousted former CEO Mark Tritton.
In August, Bed Bath announced it would close 150 of its namesake stores and reduce its head count by about 20% across its corporate workforce. Then, the company secured more than $500 million in new financing. It also expanded its $1.13 billion asset-backed revolving credit facility.
The retailer is still searching for a new CFO after Gustavo Arnal died by suicide last month.
The appointment was unanimously approved by the company’s board. Gove will continue to serve on the Company’s Board.
