Bed Bath & Beyond CEO Steven Temares steps down
It said Mary Winston will serve as interim CEO until a replacement is found. Temares is also resigning from Bed Bath & Beyond's board, the company said.
"The board determined that now is the right time to identify the next generation of leadership," said Patrick Gaston, independent chairman of the retailer's board. Bed Bath & Beyond, faced with pressure from a trio of activist investors Legion Partners Asset Management, Macellum Advisors and Ancora Advisors, recentlyThe activists had been pushing to replace the entire board and to oust Temares from the CEO role.
Temares has served as CEO since 2003. But he's held various other roles at the company for nearly three decades. More recently, Bed Bath & Beyond has struggled to grow sales as more shoppers head online to platforms like
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Why every US company has a stake in Bed Bath & Beyond's heated boardroom warA Bed Bath & Beyond board shake-up led to the dismissal of a number of members who had been leading the retail company for close to two decades. The board, now majority female, younger and more diverse, is what its activist investors were looking for. But they are worried the new board's lack of relevant skill sets and retail experience will cut short any attempt to turn around the struggling retailer.
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