Bed Bath & Beyond announced the appointment of Sue Gove as its new CEO on Wednesday. Gove has served as interim CEO since June, following the ousting of former CEO Mark Tritton.

The company's board of directors unanimously approved Gove's appointment to CEO, the company said in a press release.

The company has been struggling with declining sales and a 67% drop in their stock so far this year. In August, under Gove's leadership as interim CEO, Bed Bath & Beyond announced a series of cost cutting measures, including the closure of 150 locations and a 20% cut to its workforce.

"We are pleased to announce the appointment of Sue as Chief Executive Officer (CEO). Sue is the best person to serve at the helm of Bed Bath and Beyond and continue leading the company" said Harriet Edelman, the independent chair of Bed Bath and Beyond.

Edelman praised Gove's "intense focus on cash," "expertise in managing working capital and liquidity" and "great operating mind."

"I look forward to continuing our important work alongside our highly engaged management team and Board as CEO," Gove said. "At Bed Bath & Beyond, we have never been more strategically and culturally focused, and I remain dedicated to executing on our back-to-basics philosophy."

Bed Bath & Beyond's stock fell 10% during Wednesday's pre-market hours and 1% in early trading.

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