Bed Bath & Beyond CEO Steven Temares has stepped down amid pressure from activist investors to make dramatic changes to improve operational performance.
Taking Temares’ place in the interim is Mary Winston, a Bed Bath & Beyond board member. The retailer's board also appointed Andrea Weiss, another Bed Bath & Beyond board member, as chair of the business transformation and strategy review committee, which will be responsible for ensuring that all aspects of the company's ongoing business transformation are addressed.
Independent Chairman Patrick Gaston said in a statement, “As the company continues its efforts to improve its financial performance and enhance its competitive position, the board determined that now is the right time to identify the next generation of leadership. We are fortunate to have someone of Mary's caliber to serve as Interim CEO while the board conducts a search for a permanent successor, and are confident in her ability to lead the company forward during this transition period.”
The removal of Temares is one of many demands a group of activist investors — a group that includes Cleveland’s Ancora Advisors LLC — had issued to the company via an open letter. Bed Bath & Beyond, also seemingly at the urging of the investors, has made significant changes to its board of directors. Despite its compromises, the investors recently pushed forward with a lawsuit against the embattled retailer, alleging it is subverting the rights of its shareholders in the fight over the constitution of its board.
