Bed Bath & Beyond names new chief accounting officer in latest executive change as sales plunge
- The change was announced a day after the company said it was replacing CEO Mark Tritton.
- The retailer had reported another quarter of declining sales and losses as it struggles to fix its business.
Bed Bath & Beyond on Thursday named a new chief accounting officer, marking another leadership change as the retailer struggles with plunging sales.
The company said Laura Crossen will take over as the senior vice president of finance and chief accounting officer, replacing John Barresi, who resigned earlier this month after stepping into the role in May of last year. Crossen has been with the company since 2001, most recently as senior vice president of treasury, tax and finance transformation.
The change comes a day after Bed Bath said it was replacing CEO Mark Tritton, a Target veteran who had been working to win back customers and grow the company's online sales since joining in 2019. Bed Bath & Beyond named Sue Gove, an independent director on the board, as interim CEO and said it's working to find a permanent replacement.
Bed Bath & Beyond also said Thursday that it named Susie A. Kim as senior vice president of treasury and investor relations, taking over Crossen's previous treasury role.
The leadership changes come after Bed Bath & Beyond saw its sales fall to $1.46 billion in its most recent quarter ended May 28, down from $1.95 billion a year ago. The company said it expects same-store sales to recover in the second half of the fiscal year, but did not provide a specific forecast.
Bed Bath has hired Berkeley Research Group, a retail advising firm, to examine its balance sheets and inventory. It is also working with Russel Reynolds to find a permanent CEO.
Shares of the company are down more than 65% so far this year.
-- CNBC's Melissa Repko contributed to this report.