Bed Bath Beyond CEO Mark Tritton leaves board

Mark Tritton, CEO of Bed Bath Beyond, has left his position on the retailer's board of directors.

Tritton will be replaced by Sue Gove on an interim basis, while search firm Russell Reynolds has been tapped to lead the search for a permanent chief executive.

The company's quarterly results came in worse than expected, as a result of the decision.

In a statement, Bed Bath Beyond independent board chair Harriet Edelman stated that they were committed to addressing the urgent issues that have been affecting sales, profitability and cash flow generation. We are confident that Sue brings the right combination of industry experience and knowledge of Bed Bath Beyond's operations to lead the Company, focus our resources, and revise strategy as appropriate. As of the time of publication, the shares of Bed Bath Beyond have fallen more than 56% year to date.

This is a developing story.