Bed Bath and Beyond shakes up the C-suite
Bed Bath and Beyond may be keeping its CEO for now, but the retailer seems to be putting in the bench to replace him if sales and earnings don't improve.
The company is making a number of key senior management changes in connection with its ongoing business transformation.
Eugene A. Castagna, 52, has been named President & Chief Operating Officer (COO). Castagna has been with the company since November 1994 and has served as COO since 2014. Previously, he served as Chief Financial Officer (CFO) and Treasurer from 2006 to 2014, and as Vice President – Finance from 2000 to 2006.
Susan E. Lattmann, 50, formerly the company's CFO & Treasurer, has been promoted to Chief Administrative Officer. Lattmann has been with the company since 1996 and served as CFO since 2014. Previously, she served as Vice President – Finance from 2006 to 2014, as Vice President – Controller from 2001 to 2006, and as Controller from 2000 to 2001.
Robyn M. D'Elia, 46, has been promoted to CFO & Treasurer. D'Elia has been with the Company since 1996, and was formerly Vice President – Finance, since 2015. Previously, she served as Vice President – Controller from 2006 to 2015, Vice President – Financial Planning & Control in 2006, and Assistant Controller from 2000 to 2006. Prior to joining the Company, D'Elia was with the public accounting firm of Arthur Andersen.
"We are extremely pleased to announce these changes to our leadership structure," said Steven Temares, Chief Executive Officer and Member of the Company's Board of Directors. "We have developed a talented team of passionate leaders across our organization, and we will further leverage our internal strengths and talents, as well as take advantage of external expertise, as we progress our transformation and strengthen our position as the expert for the home and heart-felt life events."
Bed Bath and Beyond has been in turnaround mode as new competition and changing shopper behavior have affected the retailer's sales in recent years. The company has been expanding its online assortment, introducing design-consultation services and testing a membership program similar to Amazon Prime.
In its last quarterly fiscal report ended March 3, the retailer had a 1.3 percent drop in same store sales in fiscal 2017 from a year earlier.
Bed Bath and Beyond operates more than 1,550 stores under various banners.