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UNION, N.J., Jan. 3 /PRNewswire-FirstCall/ -- Bed Bath & Beyond Inc. today
announced the promotion of 3 key executives effective immediately. In
announcing these actions, Steven H. Temares, Chief Executive Officer, stated,
"we are pleased to once again formally recognize the outstanding contributions
of these individuals. We look forward to each of them continuing to play
essential roles in the accomplishment of our Companys long-term goals."
Arthur Stark has been named President of Bed Bath & Beyond. He also
retains the title of Chief Merchandising Officer. Since joining the Company
in July 1977, Art has held various executive positions, in both operating and
merchandising capacities. His most recent position, since September 1999, had
been Senior Vice President and Chief Merchandising Officer, responsible for
all Buying, Marketing, Branding and Product Development functions of the
Company. He has been in this role since being named Vice President of
Merchandising in 1998.
Eugene A. Castagna has been named Chief Financial Officer and Treasurer,
succeeding Ronald Curwin, who has been named to the newly-established position
of Senior Vice President of Investor Relations. Gene joined the Company in
November 1994, and was most recently appointed Vice President - Finance and
Principal Financial and Accounting Officer in June, 2000. He has also been
Assistant Treasurer since February 2000.
Richard C. McMahon has been promoted to the newly-established position of
Chief Strategy Officer and Vice President - Corporate Operations. In his new
role, he will also continue to be responsible for Information Technology and
Supply Chain. Rich joined the Company in August, 1998, was named Chief
Information Officer in September 1999 and most recently was appointed Vice
President Supply Chain and Chief Information Officer in November 2001.
Each of these executives, together with Matthew Fiorilli, Senior Vice
President - Stores, G. William Waltzinger, Jr., Vice President - Bed Bath &
Beyond Inc. Corporate Development and President - Harmon Stores, Inc., Allan
N. Rauch, Vice President - Legal and General Counsel, Chuck Bilezikian, Chief
Executive Officer - Christmas Tree Shops, Inc., and Donna Steele, President -
Christmas Tree Shops, Inc., will continue to report to Steven H. Temares,
Chief Executive Officer.
Bed Bath & Beyond Inc. is a nationwide chain of retail stores. The
Companys Bed Bath & Beyond stores sell better quality domestics merchandise
and home furnishings. The Companys Christmas Tree Shops and Harmon Stores
sell giftware and household items and health and beauty care items,
respectively. Shares of Bed Bath & Beyond Inc. are traded on NASDAQ under the
symbol "BBBY" and are included in the Standard & Poors 500 and Global 1200
Indices and the NASDAQ-100 Index. The Company is counted among the Fortune
500 and Forbes 2000.
This press release may contain forward-looking statements. Many of these
forward-looking statements can be identified by use of words such as may,
will, expect, anticipate, estimate, assume, continue, project, plan, and
similar words and phrases. The Companys actual results and future financial
condition may differ materially from those expressed in any such
forward-looking statements as a result of many factors that may be outside the
Companys control. Such factors include, without limitation: general economic
conditions; changes in the retailing environment and consumer spending habits;
demographics and other macroeconomic factors that may impact the level of
spending for the types of merchandise sold by the Company; unusual weather
patterns; competition from existing and potential competitors; competition
from other channels of distribution; pricing pressures; the ability to find
suitable locations at reasonable occupancy costs to support the Companys
expansion program; and the cost of labor, merchandise and other costs and
expenses. The Company does not undertake any obligation to update its
forward-looking statements.
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