Sue Gove Will Become the Permanent CEO of Bed Bath & Beyond

Wednesday, Bed Bath & Beyond Inc (NASDAQ:BBBY) announced that interim CEO Sue Gove would assume the role permanently.

Gove, previously chairman of the company's strategy committee and an independent director, was named interim CEO in June after Mark Tritton was fired in an attempt to reverse the company's commercial slide.

According to the company, the nomination was approved unanimously, and Gove will continue to serve on the board.

Once considered a "category killer" in home and bath goods, the big-box retailer's prospects have worsened due to unsuccessful attempts to sell more store-branded products and a management change.

Gove told Reuters that "regaining market share" is one of her long-term objectives as CEO.

Prior to this, activist investor and billionaire Ryan Cohen had criticized the company for its "overly ambitious" strategy, excessive CEO compensation, and inability to regain market share losses.

Cohen was the company's biggest investor until August, when he sold his 9.8% stake.

Bed Bath & Beyond said at the end of August that it will close 150 stores, decrease personnel, and alter its marketing approach in an attempt to bring its money-losing company around.

A small number of outlets have closed since August, and a bigger number will close "before the end of the year," according to Gove.

Last month, the firm reported a larger-than-expected loss for the second quarter, but said that there were early signs that its efforts to decrease excess inventory were yielding fruit and that it projected its cash flow to achieve parity in the fourth quarter.

Due to Gustavo Arnal's death in September, accounting manager Laura Crossen was named interim chief financial officer.