The death of Bed Bath & Beyond's chief financial officer comes as the retailer has lost several members of its finance team and senior executives who could temporarily step into the role for the holiday season
chief financial officer comes as the retailer has lost several members of its finance team and senior executives who could temporarily step into the role for the holiday season.
Pressured by shrinking sales, Bed Bath & Beyond has been burning through its cash reserves. Last week, Bed Bath & Beyond said some vendors were pressing for better payment terms amid concerns about its liquidity. Mr. Arnal told investors that the company had started closing underperforming locations and was in regular discussions with vendors to reassure them.
“Given that finances are one of the company’s most pressing challenges right now this further erodes confidence,” said Neil Saunders, managing director of research firmPLC. “Bed Bath & Beyond now lacks two of the most important leadership positions: a permanent CEO and a CFO. It needs to correct that quickly.”
Within the finance department, Mr. Barresi was replaced in late June as chief accounting officer by another member from Mr. Arnal’s team, Laura Crossen. She joined the company in 2001 and had been senior vice president of treasury and tax. The company promoted its head of investor relations, Susie Kim, to take over as head of treasury.
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