Bed Bath & Beyond names new chief accounting officer in latest executive change as sales plunge


Bed Bathtub & Past on Thursday named a new main accounting officer, marking an additional management modify as the retailer struggles with plunging gross sales.

The firm stated Laura Crossen will get around as the senior vice president of finance and main accounting officer, changing John Barresi, who resigned previously this month just after stepping into the role in Could of very last 12 months. Crossen has been with the business considering the fact that 2001, most lately as senior vice president of treasury, tax and finance transformation.

The improve will come a day after Bed Tub claimed it was replacing CEO Mark Tritton, a Concentrate on veteran who had been working to gain back shoppers and mature the firm’s on-line revenue considering that becoming a member of in 2019. Mattress Bath & Outside of named Sue Gove, an unbiased director on the board, as interim CEO and mentioned it is functioning to find a long lasting substitute.

Mattress Bath & Past also stated Thursday that it named Susie A. Kim as senior vice president of treasury and investor relations, taking more than Crossen’s previous treasury role.

The leadership modifications arrive immediately after Bed Tub & Beyond saw its profits fall to $1.46 billion in its most latest quarter ended May perhaps 28, down from $1.95 billion a year back. The business claimed it expects exact same-retailer revenue to recuperate in the 2nd half of the fiscal year, but did not deliver a certain forecast.

Bed Bathtub has hired Berkeley Investigation Group, a retail advising firm, to take a look at its stability sheets and inventory. It is also operating with Russel Reynolds to discover a long term CEO.

Shares of the organization are down additional than 65% so far this yr.

— CNBC’s Melissa Repko contributed to this report.


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