Bed Bath & Beyond Appoints John Barresi To The Newly Created Role Of SVP Finance, Chief Accounting Officer And Announces Other Changes In Key Senior Finance Positions

Rhea-AI Summary

Bed Bath & Beyond Inc. (Nasdaq: BBBY) has appointed John Barresi as Senior Vice President of Finance and Chief Accounting Officer, effective June 7, 2021. Barresi, formerly with Tiffany & Co., will report to CFO Gustavo Arnal and lead all corporate accounting and financial reporting functions. The company also announced promotions and new appointments, including Laura Crossen as SVP of Treasury and Susie A. Kim as Vice President of Investor Relations. These leadership changes align with the company's transformation strategy to enhance financial practices.

Positive

• John Barresi brings significant experience from Tiffany & Co., enhancing leadership in financial operations.
• Promotion of Laura Crossen highlights internal talent development and continuity during the transformation.

Negative

• Concerns regarding continuity may arise with multiple leadership changes in finance.

UNION, N.J., May 17, 2021 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) named John Barresi as Senior Vice President of Finance, Chief Accounting Officer, effective June 7, 2021. Mr. Barresi will report to Gustavo Arnal, Executive Vice President and Chief Financial Officer. In the newly created role, Mr. Barresi will lead a team responsible for the development and execution of all corporate accounting and financial reporting functions, including maintenance of fiscal records, management of transactional shared services, preparation of internal and external financial reports, SEC and other regulatory reporting, among other corporate accounting activities.

The Company announced additional changes in senior finance positions, each of whom will report into Mr. Arnal, including:

• The promotion of Laura Crossen to SVP, Treasury, Tax, and Finance Transformation, effective immediately and also reporting into Mr. Arnal. Ms. Crossen was previously Vice President and has been with the Company since 2001.
• Susie A. Kim as Vice President of Investor Relations, succeeding Janet Barth. Ms. Kim was most recently Vice President of Investor Relations and Treasurer for ABM Industries, Inc. She previously held investor relations positions with Aéropostale and, before that, was an equity research analyst.
• Lisa Adinolfi as Vice President, Controls, Audit and Risk Services, succeeding Pasquale Monterosso. Ms. Adinolfi most recently served as Partner with PwC's Risk Assurance group.

CFO Arnal said, "John is a strong leader with broad business experiences and proven ability to effectively analyze complex financial issues with sound business judgment. As we continue to execute against our transformation plan and become a true omni-always retailer, we are pleased to welcome John to our finance leadership team and implement best-in-class corporate accounting practices."

"Laura has been instrumental in helping us execute our transformation, especially in divesting businesses to focus the Company on our core banners. Laura has demonstrated her strong financial capabilities. I congratulate Laura on this well-deserved promotion, and welcome Susie and Lisa to Bed Bath & Beyond," added Arnal.

Mr. Barresi comes to Bed Bath & Beyond from Tiffany & Co., where he most recently served as Vice President of Global Business Transformation. In this role, Mr. Barresi was responsible for the oversight and management of a multi-year effort to replace or upgrade the company's business processes and information systems. He previously served as Tiffany's Vice President and Corporate Controller and led its accounting, external reporting, internal controls, and financial reporting processes. Prior to joining Tiffany in 2009, he was the Chief Audit Executive for The McGraw-Hill Companies. A Certified Public Accountant, Mr. Barresi began his career with PwC in audit and business advisory capacities.

Mr. Barresi said, "I am honored to join Bed Bath & Beyond, especially as this dynamic retailer is in the midst of such an exciting transformation. I look forward to working with Gustavo and team to design and execute corporate accounting and financial reporting practices that meet the evolving needs of both our internal customers and external stakeholders."

About the Company
Bed Bath & Beyond Inc. and 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 merchandise in the Home, Baby, Beauty and Wellness markets.  Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

The Company operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, harmondiscount.com, facevalues.com, and decorist.com.

 

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SOURCE Bed Bath & Beyond Inc.

FAQ

What is the significance of John Barresi's appointment at Bed Bath & Beyond?

John Barresi's appointment as SVP of Finance and Chief Accounting Officer is significant as he brings extensive experience from Tiffany & Co., which may help improve corporate accounting practices at Bed Bath & Beyond.

Who are the new finance leaders appointed at Bed Bath & Beyond?

New finance leaders include John Barresi as Chief Accounting Officer, Laura Crossen as SVP of Treasury, and Susie A. Kim as Vice President of Investor Relations.

What is the expected impact of these leadership changes on BBBY's transformation strategy?

These leadership changes are expected to strengthen Bed Bath & Beyond's transformation strategy by enhancing financial management and reporting as the company adapts to an evolving retail environment.

When will the new finance leaders start their roles at Bed Bath & Beyond?

John Barresi will begin his role as SVP of Finance and Chief Accounting Officer on June 7, 2021, while Laura Crossen's promotion is effective immediately.