Bed Bath & Beyond Chief Customer and Technology Officer Rafeh Masood is stepping down from his role, the latest in a series of executive departures at the troubled retailer.
According to a Securities and Exchange Commission (SEC) filing dated Tuesday (Nov. 1), Masood’s resignation will go into effect on Dec. 2.
“Mr. Masood’s resignation was not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices or financial statements,” the filing stated.
In June, Bed Bath & Beyond replaced CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig following a disappointing earnings report. Tritton was replaced by Sue Gove, an independent director on the company’s board, who served as interim CEO until being named to the role permanently last week.
The company had just recorded a 27% decline in comparable sales, a trend the retailer attributed to a “rapid” shift in spending habits and a drop in demand in the home sector. Sales were down again 26% in the following quarter, the company said in September.
The company then rolled out a new app, a baby registry and a rewards program as part of its efforts to turn around its flagging sales.
Gove told investors in September the company is also reintroducing popular national brands, introducing emerging direct-to-consumer (D2C) brands, and setting aside one-third of its legacy-owned brands.
Bed Bath & Beyond debuted its Welcome Rewards loyalty program during the summer and has received 6.4 million members. The company has seen that these members make more frequent, higher-value purchases.
In addition, the company is investing in both digital capabilities and customer-facing services to help consumers have an easier time shopping at its three retail banners — Bed Bath & Beyond, buybuy Baby and Harmon — Gove said in September.
“We will be upgrading to a new universal mobile app that connects our three banners together,” Gove said at the time. “Enabling even easier cross-banner shopping dovetails well with the traction we are seeing with Welcome Rewards.”
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