Bed Bath & Beyond CEO Ousted After Relentless Sales Slump (3)

Bed Bath & Beyond Inc. named board member Sue Gove as interim chief executive officer, replacing Mark Trittonafter a tumultuous year at the home-goods retailer with sales in a downward spiral.

The company announced the executive change Wednesday just minutes before releasing another lackluster earnings report showing sales fell even more than expected in the first quarter. Investors have been pushing for a sale of the relatively attractive Buybuy Baby division.

Bed Bath & Beyond shares fell 24% in New York, their biggest drop in more than a year. The stock has lost almost two-thirds of its value this ...