Tritton out at Bed Bath; interim CEO named

Bed Bath & Beyond Inc. announced “significant changes” to its executive team June 29, including naming Sue Gove — currently an independent director on the company’s board of directors and strategy committee chair — as interim chief executive officer.

Gove replaces Mark Tritton, who has left his roles as president and CEO and as a member of the board, the Union-based retailer announced.

The statement said the moves were made “to focus on reversing recent results, addressing supply chain and inventory, and strengthening its balance sheet.”

Harriet Edelman, independent board chair, said in a statement that “[a]fter 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,” Edelman continued. “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.”

Additionally, Bed Bath named Mara Sirhal as executive vice president and chief merchandising officer.

Sirhal most recently served as Bed Bath & Beyond’s senior vice president and general manager for Harmon, as well as general merchandise manager of health, beauty & consumables. In her new role, she replaces Joe Hartsig, who is leaving the company.

Edelman also thanked Tritton and Hartsig for their past leadership and wished them well.

The company also provided a strategy update in the statement, including “evaluating options for buybuy BABY.”

In March, the company entered into a cooperation agreement with activist investor Ryan Cohen and his company RC Ventures LLC, honoring his request to evaluate how the company can better perform for shareholders, including separating the company from buybuy BABY.

Regarding the brand, the June 29 statement said, “The Committee is working closely with management and strategic and financial advisors to properly assess inherent value potential. While the Committee’s work continues, the analysis to-date has confirmed the potential of buybuy BABY and has identified several strategies to further increase the synergies and compelling growth potential to be unlocked within Bed Bath & Beyond, Inc.”

The company retained Berkeley Research Group to focus on cash, inventory and balance sheet optimization, as well as national search firm Russell Reynolds to name a permanent CEO.