After continued pressure from an activist investor group, Bed Bath & Beyond has announced the departure of long-time CEO Steven Temares.
Mary Winston, a recently appointed Bed Bath & Beyond director as well as president and founder, WinsCo Enterprises Consulting Services, and former evp/CFO of Family Dollar Store, will act as interim CEO. Temares has also resigned as a member of the company board.
The board has formed a CEO search committee to identify a permanent chief executive and will retain an executive search firm to aid in the hiring process. The search will focus on individuals who have experience in transformation and innovation in the retail sector.
Bed Bath’s board appointed Andrea Weiss, a long-time retail executive who also recently joined the company, as chair of the business transformation and strategy review committee. She will be responsible for ensuring that the company will address all aspects of the company’s ongoing business transformation.
Patrick Gaston, independent chairman of the Bed Bath & Beyond board, maintained that the company “has a significant opportunity to drive value creation by building on its great brands and strong customer affinity. 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.”
Winston said, “This is an important time for Bed Bath & Beyond, and we are committed to being the leading omnichannel retailer of choice for the home and heart-felt life events. Together with the board, including the members of the business transformation and strategy review committee, the leadership team and our more than 60,000 associates, I look forward to building an even stronger future for Bed Bath & Beyond. As we continue to review our business initiatives, we will be focused on driving continued margin improvement, enhancing the in-store and online experience, and accelerating our transformation to the benefit of our shareholders, customers and other stakeholders.”