Bed Bath & Beyond Appoints a New CFO, Digital Chief and Chief Legal Officer Amid its Turnaround Effort
Bed Bath & Beyond named former Avon finance chief, Gustavo Arnal, as its new CFO amid its ongoing $1 billion turnaround plan announced in February. Arnal assumes the role of CFO and treasurer on May 4.
Bed Bath & Beyond continues to shore up its management team under new chief executive Mark Tritton, formerly chief merchandising officer at Target, who took the helm of the home goods retailer in November. Tritton executed an overhaul of the company’s executive team ousting six senior executives shortly after his arrival in his first major move to turnaround the troubled retailer. Bed Bath & Beyond’s stock price has dropped more than 80% over the past five years as it has suffered sales and store traffic declines, and struggled to compete with major rivals like Amazon and Walmart.
Arnal succeeds outgoing finance chief and treasurer Robyn D’Elia, who has served as CFO since June 2018. He was most recently CFO of Avon, which was acquired in January by Brazilian cosmetics company Natura & Co. in a $2 billion deal.
In addition to Arnal, the company tapped Rafeh Masood, previously chief digital officer at BJ’s Wholesale Club, as its new chief digital officer. Arlene Hong also joins Bed Bath & Beyond as chief legal officer from Fullbeauty Brands, where she held the same title. Lastly, the company’s interm chief digital officer, Greg Melnick, was appointed as its chief stores officer.
The coronavirus pandemic has put the company’s turnaround plan on hold as it was forced to close most of its 1,500 plus stores and furlough a majority of its store employees to try to help curb the spread of the virus. However, Bed Bath & Beyond said on Friday that online sales increased by more than 85% in April, and it brought back several hundred of its furloughed employees to support the increased demand.