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

Mattress Bath & Beyond on Thursday named a new chief accounting officer, marking another management alter as the retailer struggles with plunging sales.

The organization stated Laura Crossen will acquire about as the senior vice president of finance and chief accounting officer, replacing John Barresi, who resigned previously this month right after stepping into the part in May of final yr. Crossen has been with the company given that 2001, most lately as senior vice president of treasury, tax and finance transformation.

The transform arrives a day after Bed Tub said it was replacing CEO Mark Tritton, a Goal veteran who experienced been functioning to win back again consumers and grow the firm’s on line product sales given that signing up for in 2019. Mattress Tub & Beyond named Sue Gove, an impartial director on the board, as interim CEO and mentioned it truly is operating to locate a everlasting substitution.

Bed Bathtub & Beyond also stated Thursday that it named Susie A. Kim as senior vice president of treasury and trader relations, taking around Crossen’s past treasury purpose.

The management modifications occur after Bed Tub & Past observed its gross sales tumble to $1.46 billion in its most modern quarter ended May perhaps 28, down from $1.95 billion a calendar year in the past. The business explained it expects exact same-retail store profits to get well in the 2nd fifty percent of the fiscal 12 months, but did not supply a unique forecast.

Mattress Bath has employed Berkeley Exploration Group, a retail advising firm, to examine its stability sheets and inventory. It is also operating with Russel Reynolds to find a long lasting CEO.

Shares of the corporation are down a lot more than 65% so much this 12 months.

— CNBC’s Melissa Repko contributed to this report.