Executive out at Bed Bath & Beyond
Bed Bath & Beyond President and Chief Operating Officer Eugene Castagna has left the company and his position has been eliminated, the specialty retailer announced Tuesday afternoon.
The move was the result of a cost restructuring that the company recently implemented. Bed Bath said it recently completed a comprehensive review of its corporate office cost structure, which has resulted in a reduction of approximately 7% of its corporate staff, including vice presidents, directors, managers and professional staff.
These organizational changes are estimated to generate future annual pre-tax net savings of approximately $30.7 million.
Castagna, a Bed Bath & Beyond veteran, was named president last year, succeeding Arthur Stark, another company veteran, who left the company. Castagna retained his role as chief operating officer. He had been with the company since 1994, holding other executive roles such as vice president of finance from 2000 to 2006 and treasurer and CFO from 2006 to 2014. He became COO in 2014.
“While decisions that impact our staff are difficult, today’s action is an important step in simplifying our corporate structure and ensuring our resources are aligned with the business we are managing today,” said interim CEO Mary Winston. “We remain confident in the underlying business and our ability to leverage the strength of the Bed Bath & Beyond brand and our lasting connection with customers to deliver on our near-term priorities and transform the company.”
The company’s annual shareholder meeting will be held Thursday.
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