Bed Bath & Beyond Inc BBBY is facing a number of senior vacancies as the retailer faces a corporate restructuring.
The company’s CEO and chief merchandising officer left the retailer on June 29, as did the CFO Gustav Arnal died on Friday in NYC.
Johannes Barresiwho worked under Arnal as Chief Accounting Officer, had resigned in early May.
The search for Arnal’s permanent successor will likely take three months or more and will be complicated by the challenges the company is facing. according to the Wall Street Journal.
chairman Markus Tritton and Chief Merchandising Officer Jo Hartsig left the housewares retailer on June 29 after announcing declining sales and significant losses.
Bed Bath restructuring plan: The household goods dealer announced Wednesday that it would close about 150 of its 700-plus stores and lay off about 20% of its employees in a reorganization that would net the company about $500 million in cash.
The company said two other top executives — its chief operating officer and its chief stores officer — would be leaving as part of the reorganization.
The context: After disclosing an 11.8% position in Bed Bath, a former activist investor Ryan Cohen reached an agreement with the company in March that would see his company RC Ventures appoint three people to Bed Bath’s board of directors.
Cohen recently sold his stake, sparking a class action lawsuit. His three appointees, Marjorie Bowen, Shelley Lombard and Ben Rosenzweigcontinue to serve on the organization’s board of directors, according to the company website.
Continue reading: Was Bed Bath & Beyond a “pump and dump”? Ryan Cohen, late CFO, named in shareholder lawsuit
Bed Bath is managed on an interim basis by Sue Govea board member with 30 years of retail experience.
Gove promoted two executives to newly created positions of Brand President to lead the company’s Bed Bath and buybuy Baby brands.
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