Bed Bath & Beyond CEO Steven Temares steps down 'immediately' and resigns from board - CNBC

Signage is displayed outside of a Bed Bath & Beyond Inc. store in Los Angeles, California, U.S., on Monday, Sept. 19, 2016.

Patrick T. Fallon | Bloomberg | Getty Images

Bed Bath & Beyond announced Monday that CEO Steven Temares is stepping down, "effectively immediately," as activist investors push for changes at the retailer.

It said current board member 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 activist investors Legion Partners Asset Management, Macellum Advisors and Ancora Advisors, recently appointed five new independent members to its board. The activists had been pushing to replace the entire board and to oust Temares as CEO.

Temares has been CEO since 2003 but had held various other roles at the company for nearly three decades.

Bed Bath & Beyond has been struggling to grow sales as more shoppers head online to platforms like Amazon. It laid off nearly 150 people in March, which also impacted its Christmas Tree Shops business, a discount home decor chain it acquired in 2003.

The company also said Monday that Andrea Weiss, a recent appointment to the board, will head the retailer's Business Transformation and Strategy Review Committee, "which will be responsible for ensuring that all aspects of the Company's ongoing business transformation are addressed."

Bed Bath & Beyond shares jumped 2.8% in premarket trading following Monday's announcement. The stock has gained nearly 40% this year.

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https://www.cnbc.com/2019/05/13/bed-bath-beyond-ceo-steven-temares-steps-down.html

2019-05-13 12:19:23Z
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