Bed Bath & Beyond CTO and Executive Vice President Rafeh Masood is stepping down. The announcement comes days after the disclosure of a data breach. The stock exchange disclosure that announced the move did not reveal any details on whether his stepping was a result of his termination or resignation.
“Mr. Masood’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or financial statements,” said the announcement.
The company disclosed the data breach on October 28, two days after naming its interim CEO Sue Gove to the position permanently. The home goods store is attempting a turnaround as it looks to increase sales and win back customers ahead of the crucial Christmas-New year shopping season. In June, the board of directors fired former CEO Mark Tritton.
“In October 2022, the Company became aware that an outside party had improperly accessed, via a phishing scam, data on the hard drive and certain shared drives to which one of its employees had access,” said the breach disclosure notification.
Coincidentally, the disclosure also noted that the company is planning to change the directors and other important personnel. The decision is not reported to be influenced by the cyberattack, claimed the company.
Bed Bath & Beyond INC management change explained
The FORM 8-K describes the change in the company and states that Bed Bath & Beyond Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) on October 28, 2022. It added additional shares of the company’s common stock, stating the par value as $0.01 per share at the market offering” program (the “ATM Program”).
With the change in the stock options and the leadership, Bed Bath & Beyond INC is moving into a new phase and is currently reviewing its policies and security measures. The terms and conditions of the new Sale agreement will include the need for a Sales Agent and their efforts to sell the company’s Shares under the Sale Agreement.
Additionally, any sales of the Shares made under the Sale Agreement will be accomplished through regular broker transactions on the Nasdaq Global Select Market. In other cases, it can be completed via other means, including selling them at market prices.