What happened
We're not too far away from the end of 2022, and that probably can't come fast enough for Bed Bath & Beyond (BBBY). The struggling retailer had another of numerous bad days on the stock market on Wednesday, with its share price dipping by more than 8% on news of a C-suite departure.
So what
This morning, in a tersely worded regulatory filing, Bed Bath & Beyond said that its chief technology officer (CTO), Rafeh Masood, has resigned. The move was effective immediately.
The retailer said that his departure is "not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices or financial statements." It didn't, however, give the actual reason(s) for the move.
It also did not name a successor, interim or otherwise, and it did not indicate how and when it would go about searching for a new CTO.
Now what
This has been a year of turmoil for Bed Bath & Beyond. It replaced its CEO, initially naming Sue Gove interim leader before lifting her status to permanent last month. Poor results have led to store closings and layoffs, not to mention a deterioration in the company's balance sheet. More pain seems likely.
In this environment, any executive departure is cause for concern. Investors like to see a management team stay together to work a company through difficult times; resignations (or terminations) threaten this cohesiveness, and might indicate low morale. Bed Bath & Beyond stock looks like a falling knife just now. Hopefully for the company, it won't experience more high-level departures in the near future.
