BBBY Stock: What to Know About New Bed Bath & Beyond CFO Laura Crossen

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  • CAO Laura Crossen will serve as interim CFO of Bed Bath & Beyond (BBBY).
  • Crossen has been with the company for more than 20 years.
  • Shares of BBBY stock are down over 45% year-to-date.
BBBY stock - BBBY Stock: What to Know About New Bed Bath & Beyond CFO Laura Crossen

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Following the tragic passing of Gustavo Arnal, Chief Accounting Officer (CAO) Laura Crossen still step up and serve as interim CFO while Bed Bath & Beyond (NASDAQ:BBBY) searches for a permanent replacement. Crossen will retain her role of CAO along with her new interim CFO position. She will also receive a $200,000 base salary raise for her new position.

Crossen received her Bachelors of Science (BS) in public accounting from Providence College in 1991. Upon graduation, she started her professional career at Ernst & Young (EY) and made her way up to the role of manager of National Retail and Consumer Products Group. After a seven year stint at EY, Crossen decided to take her talents to Delias, where she served for three years. In 2001, she joined Bed, Bath & Beyond and has remained there for 21 years.

BBBY Stock: Laura Crossen Named as Interim CFO

In June, Crossen was promoted from senior vice president of treasury, tax and finance transformation to CAO. As the CAO and interim CFO, Crossen will serve an integral part in the company’s turnaround plan. Meanwhile, Bed Bath is also looking for a permanent CEO. Sue Gove was named interim CEO in late June and replaced Mark Tritton. There have been no replacement updates since Gove assumed her position.

As part of the turnaround plan, the roles of COO John Hartmann and Chief Stores Officer Gregg Melnick will be eliminated. On top of that, Chief Merchandising Officer Mara Sirhal was appointed brand president of the company, while Patty Wu will serve as the brand president of Buybuy Baby.

So, what’s next for BBBY stock? Bed Bath announced it will discontinue about a third of its owned brands and focus more on more popular products. In the meantime, the company will continue to maintain Buybuy Baby after previous speculation that the brand could be spun off or sold.

The closure of 150 “lower-producing” stores will allow Bed Bath to cut costs, which led the company to cut its full year capital expenditure guidance from $400 million to $250 million. Still, the turnaround plan won’t fix everything, and the company’s problems are far from over. Investors should watch out for additional updates as the holiday shopping season nears.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/09/bbby-stock-what-to-know-about-new-bed-bath-beyond-cfo-laura-crossen/.

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