Bed Bath & Beyond reported in earnings ending May 28 a net loss of $385 million, compared to a loss of $51 million the same time last year. The company also said it had eliminated the chief operating officer and chief stores officer roles. 31 that it had secured more than $500 million in new financing, planned to cut its workforce by 20% and close 150 “lower-producing” stores. “Our leadership team, including Laura, is focused on supporting our teams, making sure our stores, customers and partners are supported and advancing the strategies shared last week,” according to the representative.īed Bath & Beyond announced on Aug. I asked Bed Bath & Beyond what Crossen’s priorities would be stepping into the CFO role. According to the report, her base salary will increase by $200,000, with an increase of her target annual bonus opportunity to 70%. The company filed a Form 8-K with the Securities and Exchange Commission naming Crossen the interim CFO. She has the full support of the organization, the board, and our outside advisors.” “Laura has been with the organization for more than 20 years and we are grateful for her leadership. “Laura Crossen, Bed Bath & Beyond’s chief accounting officer, will assume the role of interim chief financial officer,” a company representative told me in an email on Tuesday. Arnal joined the company in May 2020 following a career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. His death was then ruled a suicide on Monday by New York City’s medical examiner. Over the Labor Day weekend, the retailer announced that its CFO Gustavo Arnal, 52, passed away, stating the organization is “profoundly saddened by this shocking loss.” Local reports confirmed that Arnal fell to his death on Sept. 381 on the Fortune 500, is in the midst of meme stock mayhem, dire financial straits, executive upheaval, controversy, and tragedy.
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