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Bed Bath & Beyond Inc. Appoints Gustavo Arnal as New CFO | New

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UNION, N.J., April 30, 2020 / PRNewswire / –Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced four new strategic appointments to the Corporation’s management team, each of whom will report directly to the President and Chief Executive Officer Mark tritton.

This includes the appointment of Gustavo Arnal as executive vice president, chief financial officer (CFO) and treasurer,effective May 4, 2020. Arnal joined the company after previously serving as chief financial officer of the Avon group, before occupying management positions at Walgreens Boots Alliance and Procter & Gamble. The current chief financial officer and treasurer of Bed Bath & Beyond, Robyn D’Elia, leaves the company.

In addition to Arnal, the following appointments represent a diverse group of experienced senior executives with a solid track record of success in the retail and consumer products industries:

  • Rafeh Masood joins the company as executive vice president, digital director, effective May 11, 2020. Masood was most recently Senior Vice President, Director of Digital at BJ’s Wholesale Club, having previously held strategic positions at Dick’s Sporting Goods and Sears Holdings.
  • Gregg Melnick will assume the role of Executive Vice President, Store Manager, effective May 11, 2020, from his current role as interim digital director of the company. Melnick joined Bed Bath & Beyond in 2018 as digital operations manager. Previously, Melnick was President of Party City Holdings.
  • Arlene Hong joined the company as executive vice-president, legal director and general secretary,effective May 18, 2020. Hong was previously Chief Legal Officer, Senior Vice President & Corporate Secretary, FULLBEAUTY Brands, before which she held a number of senior legal positions at J.Crew and Amazon.

Commenting on these strategic appointments, President and Chief Executive Officer Mark tritton “We remain committed to rebuilding our business and strengthening our ability to serve our loyal customers, while responding to the challenges presented by COVID-19. In addition to the appointments of Joe Hartsig as Chief Merchandising Officer, and John Hartmann as chief operating officer, we continue to bring experienced and passionate change leaders into our business, with solid expertise in business transformation and omnichannel commerce. It is a world class team that will accelerate and drive our transformation.

“As CFO, Gustavo’s knowledge and experience in the area of ​​financial change in some of the world’s largest and largest retail and consumer product companies will help drive the next phase of our growth strategy and establish a more effective foundation for creating shareholder value. “

Arnal will oversee finances and help strengthen a solid and sustainable business model. He will have broad responsibilities, including mergers and acquisitions, controls, taxation, accounting, treasury, auditing and investor relations.

Incoming financial director and treasurer Gustavo Arnal said: “Bed Bath & Beyond has a long-standing commitment to helping customers develop a sense of belonging. To do this, we must also build on the solid foundations of this business with a new, robust and sustainable business model. . to work with this great management team as the company implements its strategic growth plans and to play my role as a catalyst for cultural and financial change in the business. “

Tritton concluded: “I would like to salute the dedication of the interim management team in overseeing the company’s efforts to support our customers, our employees and our communities, especially in these difficult times, and to Robyn D’Elia for his decades-long commitment to Bed Bath & Beyond and recent service as CFO and treasurer. “

Additional information on the CFO’s transition is included in a current report on Form 8-K filed by the Company with the Securities and Exchange Commission today.

About the new team

  • Mr. Arnaljoined the company from Avon, a leading beauty company in direct sales, where he helped lead a business turnaround effort. Prior to Avon, Mr. Arnal was CFO, International Divisions and Global Functions at Walgreens Boots Alliance. He is a world leader, with experience in leading teams across the United States, the EMEA region, APAC and LATAM, and previously held management positions at Procter & Gamble, including CFO of India, Middle East and Africa, CFO Global Fabric and Home Care and CFO Global Personal Beauty.
  • Mr. Masoodwas previously Chief Digital Officer of the BJ’s Wholesale Club, where he was responsible for the end-to-end digital strategy and vision for the company’s e-commerce and omnichannel efforts. Prior to BJ, Mr. Masood was Vice President, Customer Innovation Technology at Dick’s Sporting Goods, and Vice President, Integrated Retail Solutions and Technology at Sears Holdings. RIS magazine named Masood one of the “Top 10 Movers and Shakers” in retail in 2017 and a “Pacesetter” in retail technology in 2012.
  • Mr. Melnick joined Bed Bath & Beyond in 2018 as Director of Digital Operations, where he oversaw the significant growth of the company’s digital activities. He has served as interim digital director for the company since December 2019. Previously, Gregg was President of Party City Holdings, the world’s largest designer, manufacturer, distributor and retailer of vertically integrated party supplies with $ 2.4 billion in annual income. Previously, Gregg was President of Party City Retail Group, managing the retail operations of over 900 stores United States and Canada as well as e-commerce operations North America and the United Kingdom. He also held executive positions at Dow Jones Inc.
  • Ms. Hongjoined the company from FULLBEAUTY Brands, where she was chief legal officer and general secretary, responsible for legal affairs $ 1 billion multichannel retailer. Before FULLBEAUTY, she led the Amazon legal team responsible for Softlines activities in North America and held the position of General Counsel in Amazon’s subsidiary, Quidsi. She also previously served as general counsel for e-commerce retailer Ideeli, Inc., and was general counsel for multi-channel retailer J. Crew for approximately 10 years.

About Bed Bath & Beyond Inc.

Bed Bath & Beyond Inc. and its subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The company sells a wide assortment of household and furniture products. The company also supplies a variety of textiles, commodities and other goods to institutional clients in the hospitality, cruise, healthcare and other sectors. In addition, the Company is a partner in a joint venture that operates retail stores in Mexico under the name of Bed Bath & Beyond.

Forward-looking statements

This press release contains forward-looking statements, including, but not limited to, the progress of the Company and expected progress towards its long-term objectives. Many of these forward-looking statements can be identified using words such as can, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, objective, and similar words and phrases, although the Absence of these words does not necessarily mean that the statements are not forward-looking. The actual results and future financial position of the company may differ significantly from those expressed in these forward-looking statements due to many factors. These factors include, but are not limited to: general economic conditions, including the housing market, a difficult overall macroeconomic environment and related changes in the retail environment; the risks associated with the new coronavirus (COVID-19) and government responses to it, including its impact on the Company’s activities and demand, as well as on the operations of the Company’s suppliers and other business partners, and the effectiveness of the company’s actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may affect the level of expenses for the types of goods sold by the Company; civil unrest and terrorist acts; unusual weather conditions and natural disasters; competition from existing and potential competitors on all channels; pricing pressures; liquidity; the ability to achieve planned cost savings and not exceed planned costs associated with organizational changes and investments; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, goods and other fees and expenses; potential disruption of the supply chain due to trade restrictions and other factors such as natural disasters, such as pandemics, including the COVID-19 pandemic, political instability, industrial unrest, recall products, financial or operational instability of suppliers or carriers, and other elements; the ability to find suitable locations at acceptable occupancy costs and on other terms to support the company’s plans for new stores; the ability to cost effectively establish and maintain the appropriate combination of digital and physical presence in the markets it serves; the ability to assess and implement technologies to support the Company’s development of its omnichannel capabilities; the ability to adjust the Company’s plans effectively and in a timely manner in response to the rapidly changing commercial and economic environment, particularly in response to the COVID-19 pandemic; uncertainty in the financial markets; the volatility of the company’s common stock price and its effect, as well as the effect of other factors, including the COVID-19 pandemic, on the company’s capital allocation strategy; the risks associated with the ability to succeed in business concepts and otherwise execute business strategies; the impact of intangible assets and other impairments; disruptions to the Company’s computer systems, including, but not limited to, breaches of the security of systems protecting consumer and employee information or other types of cybercrime or cyber security attacks; the risk of damage to reputation resulting from the challenge of the compliance of the company or of a supplier of third-party products or services with various laws, regulations or standards, including those related to work, health, security, privacy or the environment; the risk of damage to reputation resulting from the performance of suppliers of goods or third-party services during direct home delivery or assembly of products for customers; changes to statutory, regulatory and legal requirements, including, without limitation, proposed changes affecting international trade; changes or new tax laws or interpretation of existing tax laws; new, or developments in existing disputes, complaints or assessments; changes or new accounting standards; and exchange rate fluctuations. The Company assumes no obligation to update its forward-looking statements.

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