Bed Bath & Beyond to replace CEO as company’s sales decline
The company said CEO Mark Tritton will be replaced by Sue Gove, an independent director
• The company said CEO Mark Tritton will be replaced by Sue Gove, an independent director
Bed Bath & Beyond Inc (NASDAQ: BBBY) on Wednesday said it is replacing its CEO after the company reported another quarter of declining sales.
The company said CEO Mark Tritton will be replaced by Sue Gove, an independent director on the board, as interim CEO, until the company finds Tritton’s successor.
Shares of the company fell 24% on Wednesday.
In the quarter, Bed Bath & Beyond posted net loss of $358 million, or $4.49 per share, from $51 million, or 48 cents per share, a year earlier.
Sales of the company fell to $1.46 billion from $1.95 billion a year earlier and lower than Wall Street expected sales of $1.51 billion.
Picture Credits: Getty Images
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