After an executive shakeup that left Bed Bath & Beyond (NASDAQ:BBBY) with a new CEO in October and without six additional executives in December, the company has now announced the new candidates to fill those positions.
A new direction
Activist investors ousted management in late 2019 after the company posted losses, and the board hired Mark Tritton, previously chief merchandising officer at Target as the new CEO. Six other senior executives subsequently left, and interim officers have taken those positions while the company has searched for talent to take on those roles.
IMAGE SOURCE: GETTY IMAGES.
Bed Bath & Beyond hired Joe Hartsig as Chief Merchandising Officer and John Hartmann as Chief Operating Officer in April.
The new officers are:
- CFO Gustavo Arnal, who comes from the same position at Avon.
- Chief Digital Officer Rafeh Masood, who comes from the same position at BJ's Wholesale Club.
- Chief Stores Officer Gregg Melnick, who served as chief operations officer within the company before assuming the interim CDO position.
- Chief Legal Officer Arlene Hong, who comes from the same position at Fullbeauty Brands.
Tritton said, "We remain committed to rebuilding our business and strengthening our ability to serve our loyal customers, while we respond to the challenges presented by COVID-19."
Will it help?
Bed Bath & Beyond's sales have continued to slide since stores have been closed during the COVID-19 pandemic, with March sales down 31% and quarter-to-date sales as of April down 42% year-over-year. Digital sales, however, increased 90% year-over-year at the beginning of April.
Bed Bath & Beyond's share price is down 62% year-to-date as of this morning.
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