The new boss is the same as the old boss at Bed Bath & Beyond
Bed Bath & Beyond’s search for a CEO is over. The retailer yesterday said that it has named Sue Gove as president and chief executive officer of the company. Ms. Gove has been the retailer’s interim CEO since June when she replaced Mark Tritton.
“Sue is the best person to serve at the helm of Bed Bath & Beyond and continue leading the company,” Harriet Edelman, independent chair of the retailer’s board of directors, said in a statement. “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.”
Ms. Gove in August went public with her plan to turn Bed Bath & Beyond around, which includes reducing the emphasis that her predecessor placed on private brands. The retailer discontinued three of the nine private labels rolled out during Mr. Tritton’s tenure and reduced its inventory on the rest by 20 percent. Ms. Gove pledged a greater focus on popular national brands and emerging direct-to-consumer items. Bed Bath & Beyond has also closed stores, reduced corporate staff and secured commitments for new financing.
Ms. Gove claims that the Bed Bath & Beyond organization is “more strategically and culturally focused” than ever before.
“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. We have a significant opportunity ahead and we intend to regain our dominance as a preferred shopping destination.”
Ms. Gove has previous executive experience in retail having served as president and CEO of Golfsmith and COO of Zale Corporation.
- Bed Bath & Beyond Inc. Appoints Sue Gove President & Chief Executive Officer – Bed Bath & Beyond Inc.
- Will Bed Bath & Beyond’s new turnaround plan work any better than the previous one? – RetailWire
- What worked at Target didn’t work for Mark Tritton at Bed Bath & Beyond – RetailWire
DISCUSSION QUESTIONS: Does Sue Gove have the right plan in place to turn Bed Bath & Beyond Inc. around? What do you see as the most significant challenges the retailer needs to overcome?